PART ONE -
GENERAL PROVISIONSTITLE I -
SUBJECT MATTER, SCOPE AND DEFINITIONSArticle 1 -
<p class="norm">This Regulation lays down uniform rules concerning general prudential requirements that institutions, financial holding companies and mixed financial holding companies supervised under Directive 2013/36/EU shall comply with in relation to the following items:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">own funds requirements relating to entirely quantifiable, uniform and standardised elements of credit risk, market risk, operational risk, settlement risk and leverage;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">requirements limiting large exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">liquidity requirements relating to entirely quantifiable, uniform and standardised elements of liquidity risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">reporting requirements related to points (a), (b) and (c);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">public disclosure requirements.</p>
</div>
</div>
<p class="norm">This Regulation lays down uniform rules concerning the own funds and eligible liabilities requirements that resolution entities that are global systemically important institutions (G-SIIs) or part of G-SIIs and material subsidiaries of non-EU G-SIIs shall comply with.</p>
<p class="norm">This Regulation does not govern publication requirements for competent authorities in the field of prudential regulation and supervision of institutions as set out in Directive 2013/36/EU.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 2 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For the purpose of ensuring compliance with this Regulation, competent authorities shall have the powers and shall follow the procedures set out in Directive 2013/36/EU and in this Regulation.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purpose of ensuring compliance with this Regulation, resolution authorities shall have the powers and shall follow the procedures set out in Directive 2014/59/EU of the European Parliament and of the Council (<a href="#E0001" id="src.E0001">
<span class="superscript">1</span>
</a>) and in this Regulation.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For the purpose of ensuring compliance with the requirements concerning own funds and eligible liabilities, competent authorities and resolution authorities shall cooperate.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purpose of ensuring compliance within their respective competences, the Single Resolution Board established by Article 42 of Regulation (EU) No 806/2014 of the European Parliament and of the Council (<a href="#E0002" id="src.E0002">
<span class="superscript">2</span>
</a>), and the European Central Bank with regard to matters relating to the tasks conferred on it by Council Regulation (EU) No 1024/2013 (<a href="#E0003" id="src.E0003">
<span class="superscript">3</span>
</a>), shall ensure the regular and reliable exchange of relevant information.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">When applying the provisions laid down in Article 1(2) and 1(5) of Regulation (EU) 2019/2033 of the European Parliament and of the Council (<a href="#E0004" id="src.E0004">
<span class="superscript">4</span>
</a>) with regard to investment firms referred to in those paragraphs, the competent authorities as defined in point (5) of Article 3(1) of Directive (EU) 2019/2034 of the European Parliament and of the Council (<a href="#E0005" id="src.E0005">
<span class="superscript">5</span>
</a>) shall treat those investment firms as if they were ‘institutions’ under this Regulation.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 3 -
<p class="norm">This Regulation shall not prevent institutions from holding own funds and their components in excess of, or applying measures that are stricter than those required by this Regulation.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 4 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Regulation, the following definitions shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(1) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘credit institution’ means an undertaking the business of which consists of any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to take deposits or other repayable funds from the public and to grant credits for its own account;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to carry out any of the activities referred to in points (3) and (6) of Section A of Annex I to Directive 2014/65/EU of the European Parliament and of the Council (<a href="#E0006" id="src.E0006">
<span class="superscript">6</span>
</a>), where one of the following applies, but the undertaking is not a commodity and emission allowance dealer, a collective investment undertaking or an insurance undertaking:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total value of the consolidated assets of the undertaking is equal to or exceeds EUR 30 billion;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total value of the assets of the undertaking is less than EUR 30 billion, and the undertaking is part of a group in which the total value of the consolidated assets of all undertakings in that group that individually have total assets of less than EUR 30 billion and that carry out any of the activities referred to in points (3) and (6) of Section A of Annex I to Directive 2014/65/EU is equal to or exceeds EUR 30 billion; or</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total value of the assets of the undertaking is less than EUR 30 billion, and the undertaking is part of a group in which the total value of the consolidated assets of all undertakings in the group that carry out any of the activities referred to in points (3) and (6) of Section A of Annex I to Directive 2014/65/EU is equal to or exceeds EUR 30 billion, where the consolidating supervisor, in consultation with the supervisory college, so decides in order to address potential risks of circumvention and potential risks for the financial stability of the Union;</p>
</div>
</div>
<p class="list">for the purposes of points (b)(ii) and (b)(iii), where the undertaking is part of a third‐country group, the total assets of each branch of the third‐country group authorised in the Union shall be included in the combined total value of the assets of all undertakings in the group;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(2) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘investment firm’ means an investment firm as defined in point (1) of Article 4(1) of Directive 2014/65/EU which is authorised under that Directive but excludes credit institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(3) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘institution’ means a credit institution authorised under Article 8 of Directive 2013/36/EU or an undertaking as referred to in Article 8a(3) thereof;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(5) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘insurance undertaking’ means insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (<a href="#E0007" id="src.E0007">
<span class="superscript">7</span>
</a>);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(6) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘reinsurance undertaking’ means reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(7) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘collective investment undertaking’ or ‘CIU’ means a UCITS as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council (<a href="#E0008" id="src.E0008">
<span class="superscript">8</span>
</a>) or an alternative investment fund (AIF) as defined in point (a) of Article 4(1) of Directive 2011/61/EU of the European Parliament and of the Council (<a href="#E0009" id="src.E0009">
<span class="superscript">9</span>
</a>);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(8) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘public sector entity’ means a non-commercial administrative body responsible to central governments, regional governments or local authorities, or to authorities that exercise the same responsibilities as regional governments and local authorities, or a non-commercial undertaking that is owned by or set up and sponsored by central governments, regional governments or local authorities, and that has explicit guarantee arrangements, and may include self-administered bodies governed by law that are under public supervision;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(9) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘management body’ means management body as defined in point (7) of Article 3(1) of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(10) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘senior management’ means senior management as defined in point (9) of Article 3(1) of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(11) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘systemic risk’ means systemic risk as defined in point (10) of Article 3(1) of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(12) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘model risk’ means model risk as defined in point (11) of Article 3(1) of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(13) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘originator’ means an originator as defined in point (3) of Article 2 of Regulation (EU) 2017/2402 (<a href="#E0010" id="src.E0010">
<span class="superscript">10</span>
</a>);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(14) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘sponsor’ means a sponsor as defined in point (5) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(14a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘original lender’ means an original lender as defined in point (20) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(15) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘parent undertaking’ means:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a parent undertaking within the meaning of Articles 1 and 2 of Directive 83/349/EEC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purposes of Section II of Chapters 3 and 4 of Title VII and Title VIII of Directive 2013/36/EU and Part Five of this Regulation, a parent undertaking within the meaning of Article 1(1) of Directive 83/349/EEC and any undertaking which effectively exercises a dominant influence over another undertaking;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(16) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘subsidiary’ means:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a subsidiary undertaking within the meaning of Articles 1 and 2 of Directive 83/349/EEC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a subsidiary undertaking within the meaning of Article 1(1) of Directive 83/349/EEC and any undertaking over which a parent undertaking effectively exercises a dominant influence.</p>
</div>
</div>
<p class="list">Subsidiaries of subsidiaries shall also be considered to be subsidiaries of the undertaking that is their original parent undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(17) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘branch’ means a place of business which forms a legally dependent part of an institution and which carries out directly all or some of the transactions inherent in the business of institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(18) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘ancillary services undertaking’ means an undertaking the principal activity of which consists of owning or managing property, managing data-processing services, or a similar activity which is ancillary to the principal activity of one or more institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(19) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘asset management company’ means an asset management company as defined in point (5) of Article 2 of Directive 2002/87/EC or an AIFM as defined in Article 4(1)(b) of Directive 2011/61/EU, including, unless otherwise provided, third-country entities that carry out similar activities and that are subject to the laws of a third country which applies supervisory and regulatory requirements at least equivalent to those applied in the Union;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(20) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘financial holding company’ means a financial institution, the subsidiaries of which are exclusively or mainly institutions or financial institutions, and which is not a mixed financial holding company; the subsidiaries of a financial institution are mainly institutions or financial institutions where at least one of them is an institution and where more than 50 % of the financial institution's equity, consolidated assets, revenues, personnel or other indicator considered relevant by the competent authority are associated with subsidiaries that are institutions or financial institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(21) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘mixed financial holding company’ means mixed financial holding company as defined in point (15) of Article 2 of Directive 2002/87/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(22) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘mixed activity holding company’ means a parent undertaking, other than a financial holding company or an institution or a mixed financial holding company, the subsidiaries of which include at least one institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(23) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘third-country insurance undertaking’ means third-country insurance undertaking as defined in point (3) of Article 13 of Directive 2009/138/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(24) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘third-country reinsurance undertaking’ means third-country reinsurance undertaking as defined in point (6) of Article 13 of Directive 2009/138/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(25) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘recognised third-country investment firm’ means a firm meeting all of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if it were established within the Union, it would be covered by the definition of an investment firm;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is authorised in a third country;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is subject to and complies with prudential rules considered by the competent authorities at least as stringent as those laid down in this Regulation or in Directive 2013/36/EU;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(26) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘financial institution’ means an undertaking other than an institution and other than a pure industrial holding company, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and point 15 of Annex I to Directive 2013/36/EU, including an investment firm, a financial holding company, a mixed financial holding company, an investment holding company, a payment institution within the meaning of Directive (EU) 2015/2366 of the European Parliament and of the Council (<a href="#E0011" id="src.E0011">
<span class="superscript">11</span>
</a>), and an asset management company, but excluding insurance holding companies and mixed‐activity insurance holding companies as defined in points (f) and (g) of Article 212(1) of Directive 2009/138/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(27) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘financial sector entity’ means any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a financial institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an ancillary services undertaking included in the consolidated financial situation of an institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an insurance undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a third-country insurance undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a reinsurance undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a third-country reinsurance undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an insurance holding company as defined in point (f) of Article 212(1) of Directive 2009/138/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an undertaking excluded from the scope of Directive 2009/138/EC in accordance with Article 4 of that Directive;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a third-country undertaking with a main business comparable to any of the entities referred to in points (a) to (k);</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(28) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘parent institution in a Member State’ means an institution in a Member State which has an institution, a financial institution or an ancillary services undertaking as a subsidiary or which holds a participation in an institution, financial institution or ancillary services undertaking, and which is not itself a subsidiary of another institution authorised in the same Member State, or of a financial holding company or mixed financial holding company set up in the same Member State;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(29) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘EU parent institution’ means a parent institution in a Member State which is not a subsidiary of another institution authorised in any Member State, or of a financial holding company or mixed financial holding company set up in any Member State;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(29a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘parent investment firm in a Member State’ means a parent undertaking in a Member State that is an investment firm;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(29b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘EU parent investment firm’ means an EU parent undertaking that is an investment firm;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(29c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘parent credit institution in a Member State’ means a parent institution in a Member State that is a credit institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(29d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘EU parent credit institution’ means an EU parent institution that is a credit institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(30) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘parent financial holding company in a Member State’ means a financial holding company which is not itself a subsidiary of an institution authorised in the same Member State, or of a financial holding company or mixed financial holding company set up in the same Member State;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(31) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘EU parent financial holding company’ means a parent financial holding company in a Member State which is not a subsidiary of an institution authorised in any Member State or of another financial holding company or mixed financial holding company set up in any Member State;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(32) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘parent mixed financial holding company in a Member State’ means a mixed financial holding company which is not itself a subsidiary of an institution authorised in the same Member State, or of a financial holding company or mixed financial holding company set up in that same Member State;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(33) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘EU parent mixed financial holding company’ means a parent mixed financial holding company in a Member State which is not a subsidiary of an institution authorised in any Member State or of another financial holding company or mixed financial holding company set up in any Member State;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(34) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘central counterparty’ or ‘CCP’ means a CCP as defined in point (1) of Article 2 of Regulation (EU) No 648/2012;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(35) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘participation’ means participation within the meaning of the first sentence of Article 17 of Fourth Council Directive 78/660/EEC of 25 July 1978 on the annual accounts of certain types of companies (<a href="#E0012" id="src.E0012">
<span class="superscript">12</span>
</a>), or the ownership, direct or indirect, of 20 % or more of the voting rights or capital of an undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(36) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘qualifying holding’ means a direct or indirect holding in an undertaking which represents 10 % or more of the capital or of the voting rights or which makes it possible to exercise a significant influence over the management of that undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(37) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘control’ means the relationship between a parent undertaking and a subsidiary, as defined in Article 1 of Directive 83/349/EEC, or the accounting standards to which an institution is subject under Regulation (EC) No 1606/2002, or a similar relationship between any natural or legal person and an undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(38) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘close links’ means a situation in which two or more natural or legal persons are linked in any of the following ways:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">participation in the form of ownership, direct or by way of control, of 20 % or more of the voting rights or capital of an undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">control;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a permanent link of both or all of them to the same third person by a control relationship;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(39) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘group of connected clients’ means any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">two or more natural or legal persons who, unless it is shown otherwise, constitute a single risk because one of them, directly or indirectly, has control over the other or others;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">two or more natural or legal persons between whom there is no relationship of control as described in point (a) but who are to be regarded as constituting a single risk because they are so interconnected that, if one of them were to experience financial problems, in particular funding or repayment difficulties, the other or all of the others would also be likely to encounter funding or repayment difficulties.</p>
</div>
</div>
<p class="list">Notwithstanding points (a) and (b), where a central government has direct control over or is directly interconnected with more than one natural or legal person, the set consisting of the central government and all of the natural or legal persons directly or indirectly controlled by it in accordance with point (a), or interconnected with it in accordance with point (b), may be considered as not constituting a group of connected clients. Instead the existence of a group of connected clients formed by the central government and other natural or legal persons may be assessed separately for each of the persons directly controlled by it in accordance with point (a), or directly interconnected with it in accordance with point (b), and all of the natural and legal persons which are controlled by that person according to point (a) or interconnected with that person in accordance with point (b), including the central government. The same applies in cases of regional governments or local authorities to which Article 115(2) applies.</p>
<p class="list">Two or more natural or legal persons who fulfil the conditions set out in point (a) or (b) because of their direct exposure to the same CCP for clearing activities purposes are not considered as constituting a group of connected clients;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(40) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘competent authority’ means a public authority or body officially recognised by national law, which is empowered by national law to supervise institutions as part of the supervisory system in operation in the Member State concerned;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(41) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘consolidating supervisor’ means a competent authority responsible for the exercise of supervision on a consolidated basis in accordance with Article 111 of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(42) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘authorisation’ means an instrument issued in any form by the authorities by which the right to carry out the business is granted;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(43) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘home Member State’ means the Member State in which an institution has been granted authorisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(44) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘host Member State’ means the Member State in which an institution has a branch or in which it provides services;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(45) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘ESCB central banks’ means the national central banks that are members of the European System of Central Banks (ESCB), and the European Central Bank (ECB);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(46) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘central banks’ means the ESCB central banks and the central banks of third countries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(47) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘consolidated situation’ means the situation that results from applying the requirements of this Regulation in accordance with Part One, Title II, Chapter 2 to an institution as if that institution formed, together with one or more other entities, a single institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(48) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘consolidated basis’ means on the basis of the consolidated situation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(49) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘sub-consolidated basis’ means on the basis of the consolidated situation of a parent institution, financial holding company or mixed financial holding company, excluding a sub-group of entities, or on the basis of the consolidated situation of a parent institution, financial holding company or mixed financial holding company that is not the ultimate parent institution, financial holding company or mixed financial holding company;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(50) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘financial instrument’ means any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a contract that gives rise to both a financial asset of one party and a financial liability or equity instrument of another party;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an instrument specified in Section C of Annex I to Directive 2004/39/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a derivative financial instrument;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a primary financial instrument;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a cash instrument.</p>
</div>
</div>
<p class="list">The instruments referred to in points (a), (b) and (c) are only financial instruments if their value is derived from the price of an underlying financial instrument or another underlying item, a rate, or an index;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(51) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘initial capital’ means the amounts and types of own funds specified in Article 12 of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(52) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘operational risk’ means the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, and includes legal risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(53) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘dilution risk’ means the risk that an amount receivable is reduced through cash or non-cash credits to the obligor;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(54) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘probability of default’ or ‘PD’ means the probability of default of a counterparty over a one-year period;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(55) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘loss given default’ or ‘LGD’ means the ratio of the loss on an exposure due to the default of a counterparty to the amount outstanding at default;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(56) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘conversion factor’ means the ratio of the currently undrawn amount of a commitment that could be drawn and that would therefore be outstanding at default to the currently undrawn amount of the commitment, the extent of the commitment being determined by the advised limit, unless the unadvised limit is higher;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(57) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘credit risk mitigation’ means a technique used by an institution to reduce the credit risk associated with an exposure or exposures which that institution continues to hold;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(58) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘funded credit protection’ means a technique of credit risk mitigation where the reduction of the credit risk on the exposure of an institution derives from the right of that institution, in the event of the default of the counterparty or on the occurrence of other specified credit events relating to the counterparty, to liquidate, or to obtain transfer or appropriation of, or to retain certain assets or amounts, or to reduce the amount of the exposure to, or to replace it with, the amount of the difference between the amount of the exposure and the amount of a claim on the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(59) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘unfunded credit protection’ means a technique of credit risk mitigation where the reduction of the credit risk on the exposure of an institution derives from the obligation of a third party to pay an amount in the event of the default of the borrower or the occurrence of other specified credit events;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(60) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘cash assimilated instrument’ means a certificate of deposit, a bond, including a covered bond, or any other non‐subordinated instrument, which has been issued by an institution or an investment firm, for which the institution or investment firm has already received full payment and which is to be unconditionally reimbursed by the institution or investment firm at its nominal value;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(61) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘securitisation’ means a securitisation as defined in point (1) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(62) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘securitisation position’ means a securitisation position as defined in point (19) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(63) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘resecuritisation’ means a resecuritisation as defined in point (4) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(64) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘re-securitisation position’ means an exposure to a re-securitisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(65) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘credit enhancement’ means a contractual arrangement whereby the credit quality of a position in a securitisation is improved in relation to what it would have been if the enhancement had not been provided, including the enhancement provided by more junior tranches in the securitisation and other types of credit protection;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(66) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘securitisation special purpose entity’ or ‘SSPE’ means a securitisation special purpose entity or SSPE as defined in point (2) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(67) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘tranche’ means a tranche as defined in point (6) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(68) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘marking to market’ means the valuation of positions at readily available close out prices that are sourced independently, including exchange prices, screen prices or quotes from several independent reputable brokers;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(69) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘marking to model’ means any valuation which has to be benchmarked, extrapolated or otherwise calculated from one or more market inputs;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(70) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘independent price verification’ means a process by which market prices or marking to model inputs are regularly verified for accuracy and independence;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(71) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘eligible capital’ means the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purposes of Title III of Part Two it means the sum of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Tier 1 capital as referred to in Article 25, without applying the deduction in Article 36(1)(k)(i);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Tier 2 capital as referred to in Article 71 that is equal to or less than one third of Tier 1 capital as calculated pursuant to point (i) of this point;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purposes of Article 97 it means the sum of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Tier 1 capital as referred to in Article 25;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Tier 2 capital as referred to in Article 71 that is equal to or less than one third of Tier 1 capital;</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(72) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘recognised exchange’ means an exchange which meets all of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is a regulated market or a third‐country market that is considered to be equivalent to a regulated market in accordance with the procedure set out in point (a) of Article 25(4) of Directive 2014/65/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it has a clearing mechanism whereby contracts listed in Annex II are subject to daily margin requirements which, in the opinion of the competent authorities, provide appropriate protection;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(73) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘discretionary pension benefits’ means enhanced pension benefits granted on a discretionary basis by an institution to an employee as part of that employee's variable remuneration package, which do not include accrued benefits granted to an employee under the terms of the company pension scheme;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(74) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘mortgage lending value’ means the value of immovable property as determined by a prudent assessment of the future marketability of the property taking into account long-term sustainable aspects of the property, the normal and local market conditions, the current use and alternative appropriate uses of the property;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(75) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘residential property’ means a residence which is occupied by the owner or the lessee of the residence, including the right to inhabit an apartment in housing cooperatives located in Sweden;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(76) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘market value’ means, for the purposes of immovable property, the estimated amount for which the property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(77) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘applicable accounting framework’ means the accounting standards to which the institution is subject under Regulation (EC) No 1606/2002 or Directive 86/635/EEC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(78) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘one-year default rate’ means the ratio between the number of defaults occurred during a period that starts from one year prior to a date T and the number of obligors assigned to this grade or pool one year prior to that date;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(79) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘speculative immovable property financing’ means loans for the purposes of the acquisition of or development or construction on land in relation to immovable property, or of and in relation to such property, with the intention of reselling for profit;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(80) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘trade finance’ means financing, including guarantees, connected to the exchange of goods and services through financial products of fixed short-term maturity, generally of less than one year, without automatic rollover;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(81) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘officially supported export credits’ means loans or credits to finance the export of goods and services for which an official export credit agency provides guarantees, insurance or direct financing;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(82) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘repurchase agreement’ and ‘reverse repurchase agreement’ mean any agreement in which an institution or its counterparty transfers securities or commodities or guaranteed rights relating to title to securities or commodities where that guarantee is issued by a recognised exchange which holds the rights to the securities or commodities and the agreement does not allow an institution to transfer or pledge a particular security or commodity to more than one counterparty at one time, subject to a commitment to repurchase them, or substituted securities or commodities of the same description at a specified price on a future date specified, or to be specified, by the transferor, being a repurchase agreement for the institution selling the securities or commodities and a reverse repurchase agreement for the institution buying them;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(83) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘repurchase transaction’ means any transaction governed by a repurchase agreement or a reverse repurchase agreement;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(84) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘simple repurchase agreement’ means a repurchase transaction of a single asset, or of similar, non-complex assets, as opposed to a basket of assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(85) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘positions held with trading intent’ means any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">proprietary positions and positions arising from client servicing and market making;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">positions intended to be resold short term;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">positions intended to benefit from actual or expected short-term price differences between buying and selling prices or from other price or interest rate variations;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(86) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘trading book’ means all positions in financial instruments and commodities held by an institution either with trading intent or to hedge positions held with trading intent in accordance with Article 104;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(87) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘multilateral trading facility’ means multilateral trading facility as defined in point 15 of Article 4 of Directive 2004/39/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(88) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘qualifying central counterparty’ or ‘QCCP’ means a central counterparty that has been either authorised in accordance with Article 14 of Regulation (EU) No 648/2012 or recognised in accordance with Article 25 of that Regulation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(89) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘default fund’ means a fund established by a CCP in accordance with Article 42 of Regulation (EU) No 648/2012 and used in accordance with Article 45 of that Regulation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(90) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘pre-funded contribution to the default fund of a CCP’ means a contribution to the default fund of a CCP that is paid in by an institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(91) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘trade exposure’ means a current exposure, including a variation margin due to the clearing member but not yet received, and any potential future exposure of a clearing member or a client, to a CCP arising from contracts and transactions listed in points (a), (b) and (c) of Article 301(1), as well as initial margin;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(92) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘regulated market’ means regulated market as defined in point (14) of Article 4 of Directive 2004/39/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(93) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘leverage’ means the relative size of an institution's assets, off-balance sheet obligations and contingent obligations to pay or to deliver or to provide collateral, including obligations from received funding, made commitments, derivatives or repurchase agreements, but excluding obligations which can only be enforced during the liquidation of an institution, compared to that institution's own funds;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(94) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘risk of excessive leverage’ means the risk resulting from an institution's vulnerability due to leverage or contingent leverage that may require unintended corrective measures to its business plan, including distressed selling of assets which might result in losses or in valuation adjustments to its remaining assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(95) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘credit risk adjustment’ means the amount of specific and general loan loss provision for credit risks that has been recognised in the financial statements of the institution in accordance with the applicable accounting framework;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(96) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘internal hedge’ means a position that materially offsets the component risk elements between a trading book position and one or more non-trading book positions or between two trading desks;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(97) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘reference obligation’ means an obligation used for the purposes of determining the cash settlement value of a credit derivative;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(98) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘external credit assessment institution’ or ‘ECAI’ means a credit rating agency that is registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (<a href="#E0013" id="src.E0013">
<span class="superscript">13</span>
</a>) or a central bank issuing credit ratings which are exempt from the application of Regulation (EC) No 1060/2009;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(99) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘nominated ECAI’ means an ECAI nominated by an institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(100) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘accumulated other comprehensive income’ has the same meaning as under International Accounting Standard (IAS) 1, as applicable under Regulation (EC) No 1606/2002;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(101) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘basic own funds’ means basic own funds within the meaning of Article 88 of Directive 2009/138/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(102) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘Tier 1 own-fund insurance items’ means basic own-fund items of undertakings subject to the requirements of Directive 2009/138/EC where those items are classified in Tier 1 within the meaning of Directive 2009/138/EC in accordance with Article 94(1) of that Directive;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(103) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘additional Tier 1 own-fund insurance items’ means basic own-fund items of undertakings subject to the requirements of Directive 2009/138/EC where those items are classified in Tier 1 within the meaning of Directive 2009/138/EC in accordance with Article 94(1) of that Directive and the inclusion of those items is limited by the delegated acts adopted in accordance with Article 99 of that Directive;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(104) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘Tier 2 own-fund insurance items’ means basic own-fund items of undertakings subject to the requirements of Directive 2009/138/EC where those items are classified in Tier 2 within the meaning of Directive 2009/138/EC in accordance with Article 94(2) of that Directive;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(105) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘Tier 3 own-fund insurance items’ means basic own-fund insurance items of undertakings subject to the requirements of Directive 2009/138/EC where those items are classified in Tier 3 within the meaning of Directive 2009/138/EC in accordance with Article 94(3) of that Directive;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(106) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘deferred tax assets’ has the same meaning as under the applicable accounting framework;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(107) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘deferred tax assets that rely on future profitability’ means deferred tax assets the future value of which may be realised only in the event the institution generates taxable profit in the future;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(108) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘deferred tax liabilities’ has the same meaning as under the applicable accounting framework;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(109) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘defined benefit pension fund assets’ means the assets of a defined pension fund or plan, as applicable, calculated after they have been reduced by the amount of obligations under the same fund or plan;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(110) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘distributions’ means the payment of dividends or interest in any form;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(111) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘financial undertaking’ has the same meaning as under points (25)(b) and (d) of Article 13 of Directive 2009/138/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(112) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘funds for general banking risk’ has the same meaning as under Article 38 of Directive 86/635/EEC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(113) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘goodwill’ has the same meaning as under the applicable accounting framework;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(114) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘indirect holding’ means any exposure to an intermediate entity that has an exposure to capital instruments issued by a financial sector entity where, in the event the capital instruments issued by the financial sector entity were permanently written off, the loss that the institution would incur as a result would not be materially different from the loss the institution would incur from a direct holding of those capital instruments issued by the financial sector entity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(115) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘intangible assets’ has the same meaning as under the applicable accounting framework and includes goodwill;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(116) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘other capital instruments’ means capital instruments issued by financial sector entities that do not qualify as Common Equity Tier 1, Additional Tier 1 or Tier 2 instruments or Tier 1 own-fund insurance items, additional Tier 1 own-fund insurance items, Tier 2 own-fund insurance items or Tier 3 own-fund insurance items;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(117) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘other reserves’ means reserves within the meaning of the applicable accounting framework that are required to be disclosed under the applicable accounting standard, excluding any amounts already included in accumulated other comprehensive income or retained earnings;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(118) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘own funds’ means the sum of Tier 1 capital and Tier 2 capital;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(119) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘own funds instruments’ means capital instruments issued by the institution that qualify as Common Equity Tier 1, Additional Tier 1 or Tier 2 instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(120) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘minority interest’ means the amount of Common Equity Tier 1 capital of a subsidiary of an institution that is attributable to natural or legal persons other than those included in the prudential scope of consolidation of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(121) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘profit’ has the same meaning as under the applicable accounting framework;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(122) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘reciprocal cross holding’ means a holding by an institution of the own funds instruments or other capital instruments issued by financial sector entities where those entities also hold own funds instruments issued by the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(123) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘retained earnings’ means profits and losses brought forward as a result of the final application of profit or loss under the applicable accounting framework;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(124) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘share premium account’ has the same meaning as under the applicable accounting framework;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(125) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘temporary differences’ has the same meaning as under the applicable accounting framework;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(126) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘synthetic holding’ means an investment by an institution in a financial instrument the value of which is directly linked to the value of the capital instruments issued by a financial sector entity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(127) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘cross-guarantee scheme’ means a scheme that meets all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institutions fall within the same institutional protection scheme as referred to in Article 113(7) or are permanently affiliated with a network to a central body;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institutions are fully consolidated in accordance with Article 1(1)(b), (c) or (d) or Article 1(2) of Directive 83/349/EEC and are included in the supervision on a consolidated basis of an institution which is a parent institution in a Member State in accordance with Part One, Title II, Chapter 2 of this Regulation and subject to own funds requirements;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent institution in a Member State and the subsidiaries are established in the same Member State and are subject to authorisation and supervision by the same competent authority;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent institution in a Member State and the subsidiaries have entered into a contractual or statutory liability arrangement which protects those institutions and in particular ensures their liquidity and solvency, in order to avoid bankruptcy in the case that it becomes necessary;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">arrangements are in place to ensure the prompt provision of financial means in terms of capital and liquidity if required under the contractual or statutory liability arrangement referred to in point (d);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the adequacy of the arrangements referred to in points (d) and (e) is monitored on a regular basis by the competent authority;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the minimum period of notice for a voluntary exit of a subsidiary from the liability arrangement is 10 years;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the competent authority is empowered to prohibit a voluntary exit of a subsidiary from the liability arrangement;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(128) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘distributable items’ means the amount of the profits at the end of the last financial year plus any profits brought forward and reserves available for that purpose, before distributions to holders of own funds instruments, less any losses brought forward, any profits which are non-distributable pursuant to Union or national law or the institution's by-laws and any sums placed in non-distributable reserves in accordance with national law or the statutes of the institution, in each case with respect to the specific category of own funds instruments to which Union or national law, institutions' by-laws, or statutes relate; such profits, losses and reserves being determined on the basis of the individual accounts of the institution and not on the basis of the consolidated accounts;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(129) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘servicer’ means a servicer as defined in point (13) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(130) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘resolution authority’ means a resolution authority as defined in point (18) of Article 2(1) of Directive 2014/59/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(131) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘resolution entity’ means a resolution entity as defined in point (83a) of Article 2(1) of Directive 2014/59/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(132) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘resolution group’ means a resolution group as defined in point (83b) of Article 2(1) of Directive 2014/59/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(133) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘global systemically important institution’ or ‘G-SII’ means a G-SII that has been identified in accordance with Article 131(1) and (2) of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(134) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘non-EU global systemically important institution’ or ‘non-EU G-SII’ means a global systemically important banking group or a bank (G-SIBs) that is not a G-SII and that is included in the list of G-SIBs published by the Financial Stability Board, as regularly updated;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(135) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘material subsidiary’ means a subsidiary that on an individual or consolidated basis meets any of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the subsidiary holds more than 5 % of the consolidated risk-weighted assets of its original parent undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the subsidiary generates more than 5 % of the total operating income of its original parent undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total exposure measure, referred to in Article 429(4) of this Regulation, of the subsidiary is more than 5 % of the consolidated total exposure measure of its original parent undertaking;</p>
</div>
</div>
<p class="list">for the purpose of determining the material subsidiary, where Article 21b(2) of Directive 2013/36/EU applies, the two intermediate EU parent undertakings shall count as a single subsidiary on the basis of their consolidated situation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(136) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘G-SII entity’ means an entity with legal personality that is a G-SII or is part of a G-SII or of a non-EU G-SII;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(137) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘bail-in tool’ means a bail-in tool as defined in point (57) of Article 2(1) of Directive 2014/59/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(138) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘group’ means a group of undertakings of which at least one is an institution and which consists of a parent undertaking and its subsidiaries, or of undertakings that are related to each other as set out in Article 22 of Directive 2013/34/EU of the European Parliament and of the Council (<a href="#E0014" id="src.E0014">
<span class="superscript">14</span>
</a>);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(139) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘securities financing transaction’ means a repurchase transaction, a securities or commodities lending or borrowing transaction, or a margin lending transaction;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(140) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘initial margin’ or ‘IM’ means any collateral, other than variation margin, collected from or posted to an entity to cover the current and potential future exposure of a transaction or of a portfolio of transactions in the period needed to liquidate those transactions, or to re-hedge their market risk, following the default of the counterparty to the transaction or portfolio of transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(141) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘market risk’ means the risk of losses arising from movements in market prices, including in foreign exchange rates or commodity prices;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(142) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘foreign exchange risk’ means the risk of losses arising from movements in foreign exchange rates;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(143) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘commodity risk’ means the risk of losses arising from movements in commodity prices;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(144) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘trading desk’ means a well-identified group of dealers set up by the institution to jointly manage a portfolio of trading book positions in accordance with a well-defined and consistent business strategy and operating under the same risk management structure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(145) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘small and non-complex institution’ means an institution that meets all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is not a large institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total value of its assets on an individual basis or, where applicable, on a consolidated basis in accordance with this Regulation and Directive 2013/36/EU is on average equal to or less than the threshold of EUR 5 billion over the four-year period immediately preceding the current annual reporting period; Member States may lower that threshold;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is not subject to any obligations, or is subject to simplified obligations, in relation to recovery and resolution planning in accordance with Article 4 of Directive 2014/59/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">its trading book business is classified as small within the meaning of Article 94(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total value of its derivative positions held with trading intent does not exceed 2 % of its total on- and off-balance-sheet assets and the total value of its overall derivative positions does not exceed 5 %, both calculated in accordance with Article 273a(3);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">more than 75 % of both the institution's consolidated total assets and liabilities, excluding in both cases the intragroup exposures, relate to activities with counterparties located in the European Economic Area;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution does not use internal models to meet the prudential requirements in accordance with this Regulation except for subsidiaries using internal models developed at the group level, provided that the group is subject to the disclosure requirements laid down in Article 433a or 433c on a consolidated basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has not communicated to the competent authority an objection to being classified as a small and non-complex institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the competent authority has not decided that the institution is not to be considered a small and non-complex institution on the basis of an analysis of its size, interconnectedness, complexity or risk profile;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(146) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘large institution’ means an institution that meets any of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is a G-SII;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it has been identified as an other systemically important institution (O-SII) in accordance with Article 131(1) and (3) of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is, in the Member State in which it is established, one of the three largest institutions in terms of total value of assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total value of its assets on an individual basis or, where applicable, on the basis of its consolidated situation in accordance with this Regulation and Directive 2013/36/EU is equal to or greater than EUR 30 billion;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(147) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘large subsidiary’ means a subsidiary that qualifies as a large institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(148) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘non-listed institution’ means an institution that has not issued securities that are admitted to trading on a regulated market of any Member State, within the meaning of point (21) of Article 4(1) of Directive 2014/65/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(149) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘financial report’ means, for the purposes of Part Eight, a financial report within the meaning of Articles 4 and 5 of Directive 2004/109/EC of the European Parliament and of the Council (<a href="#E0015" id="src.E0015">
<span class="superscript">15</span>
</a>);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(150) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘commodity and emission allowance dealer’ means an undertaking the main business of which consists exclusively of the provision of investment services or activities in relation to commodity derivatives or commodity derivative contracts referred to in points (5), (6), (7), (9) and (10), derivatives of emission allowances referred to in point (4), or emission allowances referred to in point (11) of Section C of Annex I to Directive 2014/65/EU.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where reference in this Regulation is made to immovable property, to residential property or commercial immovable property or to a mortgage on such property, it shall include shares in Finnish residential housing companies operating in accordance with the Finnish Housing Company Act of 1991 or subsequent equivalent legislation. Member States or their competent authorities may allow shares constituting an equivalent indirect holding of immovable property to be treated as a direct holding of immovable property provided that such an indirect holding is specifically regulated in the national law of the Member State concerned and that, when pledged as collateral, it provides equivalent protection to creditors.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Trade finance as referred to in point (80) of paragraph 1 is generally uncommitted and requires satisfactory supporting transactional documentation for each drawdown request enabling refusal of the finance in the event of any doubt about creditworthiness or the supporting transactional documentation. Repayment of trade finance exposures is usually independent of the borrower, the funds instead coming from cash received from importers or resulting from proceeds of the sales of the underlying goods.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards specifying in which circumstances the conditions set out in point (39) of paragraph 1 are met.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 June 2020.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 5 -
<p class="norm">For the purposes of Part Three, Title II, the following definitions shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(1) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘exposure’ means an asset or off-balance sheet item;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(2) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘loss’ means economic loss, including material discount effects, and material direct and indirect costs associated with collecting on the instrument;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(3) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘expected loss’ or ‘EL’ means the ratio of the amount expected to be lost on an exposure from a potential default of a counterparty or dilution over a one-year period to the amount outstanding at default.</p>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
TITLE II -
LEVEL OF APPLICATION OF REQUIREMENTSCHAPTER 1 -
Application of requirements on an individual basisArticle 6 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall comply with the obligations laid down in Parts Two, Three, Four, Seven, Seven A and Eight of this Regulation and in Chapter 2 of Regulation (EU) 2017/2402 on an individual basis, with the exception of point (d) of Article 430(1) of this Regulation.</div>
</div>
<div class="norm">
<span class="no-parag">1a. </span>
<div class="norm inline-element">By way of derogation from paragraph 1 of this Article, only institutions identified as resolution entities that are also G-SII entities and that do not have subsidiaries shall comply with the requirements laid down in Article 92a on an individual basis.</div>
</div>
<p class="norm inline-element">Material subsidiaries of a non-EU G-SII shall comply with Article 92b on an individual basis, where they meet all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are not resolution entities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they do not have subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are not the subsidiaries of an EU parent institution.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">No institution which is either a subsidiary in the Member State where it is authorised and supervised, or a parent undertaking, and no institution included in the consolidation pursuant to Article 18, shall be required to comply with the obligations laid down in Articles 89, 90 and 91 on an individual basis.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">No institution which is either a parent undertaking or a subsidiary, and no institution included in the consolidation pursuant to Article 18, shall be required to comply with the obligations laid down in Part Eight on an individual basis.</div>
</div>
<p class="norm">By way of derogation from the first subparagraph of this paragraph, the institutions referred to in paragraph 1a of this Article shall comply with Article 437a and point (h) of Article 447 on an individual basis.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall comply with the obligations laid down in Part Six and in point (d) of Article 430(1) of this Regulation on an individual basis.</p>
<p class="norm inline-element">The following institutions shall not be required to comply with Article 413(1) and the associated liquidity reporting requirements laid down in Part Seven A of this Regulation:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions which are also authorised in accordance with Article 14 of Regulation (EU) No 648/2012;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions which are also authorised in accordance with Article 16 and point (a) of Article 54(2) of Regulation (EU) No 909/2014 of the European Parliament and of the Council (<a href="#E0016" id="src.E0016">
<span class="superscript">16</span>
</a>), provided that they do not perform any significant maturity transformations; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions which are designated in accordance with point (b) of Article 54(2) of Regulation (EU) No 909/2014, provided that:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">their activities are limited to offering banking‐type services, as referred to in Section C of the Annex to that Regulation, to central securities depositories authorised in accordance with Article 16 of that Regulation; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they do not perform any significant maturity transformations.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Institutions for which competent authorities have exercised the derogation specified in Article 7(1) or (3) of this Regulation, and institutions which are also authorised in accordance with Article 14 of Regulation (EU) No 648/2012, shall not be required to comply with the obligations laid down in Part Seven and the associated leverage ratio reporting requirements laid down in Part Seven A of this Regulation on an individual basis.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 7 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities may waive the application of Article 6(1) to any subsidiary of an institution, where both the subsidiary and the institution are subject to authorisation and supervision by the Member State concerned, and the subsidiary is included in the supervision on a consolidated basis of the institution which is the parent undertaking, and all of the following conditions are satisfied, in order to ensure that own funds are distributed adequately between the parent undertaking and the subsidiary:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities by its parent undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either the parent undertaking satisfies the competent authority regarding the prudent management of the subsidiary and has declared, with the permission of the competent authority, that it guarantees the commitments entered into by the subsidiary, or the risks in the subsidiary are of negligible interest;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk evaluation, measurement and control procedures of the parent undertaking cover the subsidiary;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent undertaking holds more than 50 % of the voting rights attached to shares in the capital of the subsidiary or has the right to appoint or remove a majority of the members of the management body of the subsidiary.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Competent authorities may exercise the option provided for in paragraph 1 where the parent undertaking is a financial holding company or a mixed financial holding company set up in the same Member State as the institution, provided that it is subject to the same supervision as that exercised over institutions, and in particular to the standards laid down in Article 11(1).</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities may waive the application of Article 6(1) to a parent institution in a Member State where that institution is subject to authorisation and supervision by the Member State concerned, and it is included in the supervision on a consolidated basis, and all the following conditions are satisfied, in order to ensure that own funds are distributed adequately among the parent undertaking and the subsidiaries:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities to the parent institution in a Member State;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk evaluation, measurement and control procedures relevant for consolidated supervision cover the parent institution in a Member State.</p>
</div>
</div>
</div>
</div>
<p class="norm">The competent authority which makes use of this paragraph shall inform the competent authorities of all other Member States.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 8 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The competent authorities may waive in full or in part the application of Part Six to an institution and to all or some of its subsidiaries in the Union and supervise them as a single liquidity sub-group so long as they fulfil all of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent institution on a consolidated basis or a subsidiary institution on a sub-consolidated basis complies with the obligations laid down in Part Six;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent institution on a consolidated basis or the subsidiary institution on a sub-consolidated basis monitors and has oversight at all times over the liquidity positions of all institutions within the group or sub-group, that are subject to the waiver, monitors and has oversight at all times over the funding positions of all institutions within the group or sub-group where the net stable funding ratio (NSFR) requirement set out in Title IV of Part Six is waived, and ensures a sufficient level of liquidity, and of stable funding where the NSFR requirement set out in Title IV of Part Six is waived, for all of those institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institutions have entered into contracts that, to the satisfaction of the competent authorities, provide for the free movement of funds between them to enable them to meet their individual and joint obligations as they become due;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is no current or foreseen material practical or legal impediment to the fulfilment of the contracts referred to in (c).</p>
</div>
</div>
</div>
</div>
<p class="norm">By 1 January 2014, the Commission shall report to the European Parliament and the Council on any legal obstacles which are capable of rendering impossible the application of point (c) of the first subparagraph and is invited to make a legislative proposal, if appropriate, by 31 December 2015, on which of those obstacles should be removed.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The competent authorities may waive in full or in part the application of Part Six to an institution and to all or some of its subsidiaries where all institutions of the single liquidity sub-group are authorised in the same Member State and provided that the conditions in paragraph 1 are fulfilled.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where institutions of the single liquidity sub-group are authorised in several Member States, paragraph 1 shall only be applied after following the procedure laid down in Article 21 and only to the institutions whose competent authorities agree about the following elements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">their assessment of the compliance of the organisation and of the treatment of liquidity risk with the conditions set out in Article 86 of Directive 2013/36/EU across the single liquidity sub-group;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the distribution of amounts, location and ownership of the required liquid assets to be held within the single liquidity sub-group, where the liquidity coverage ratio (LCR) requirement as laid down in the delegated act referred to in Article 460(1) is waived, and the distribution of amounts and location of available stable funding within the single liquidity sub-group, where the NSFR requirement set out in Title IV of Part Six is waived;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the determination of minimum amounts of liquid assets to be held by institutions for which the application of the LCR requirement as laid down in the delegated act referred to in Article 460(1) is waived and the determination of minimum amounts of available stable funding to be held by institutions for which the application of the NSFR requirement set out in Title IV of Part Six is waived;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the need for stricter parameters than those set out in Part Six;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">unrestricted sharing of complete information between the competent authorities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a full understanding of the implications of such a waiver.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Competent authorities may also apply paragraphs 1, 2 and 3 to institutions which are members of the same institutional protection scheme as referred to in Article 113(7) provided that they meet all the conditions laid down therein, and to other institutions linked by a relationship referred to in Article 113(6) provided that they meet all the conditions laid down therein. Competent authorities shall in that case determine one of the institutions subject to the waiver to meet Part Six on the basis of the consolidated situation of all institutions of the single liquidity sub-group.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Where a waiver has been granted under paragraph 1 or paragraph 2, the competent authorities may also apply Article 86 of Directive 2013/36/EU, or parts thereof, at the level of the single liquidity sub-group and waive the application of Article 86 of Directive 2013/36/EU, or parts thereof, on an individual basis.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Where, in accordance with this Article, a competent authority waives, in part or in full, the application of Part Six for an institution, it may also waive the application of the associated liquidity reporting requirements under point (d) of Article 430(1) for that institution.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 9 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Subject to paragraphs 2 and 3 of this Article and to Article 144(3) of Directive 2013/36/EU, the competent authorities may permit on a case-by-case basis parent institutions to incorporate in the calculation of their requirement under Article 6(1), subsidiaries which meet the conditions laid down in points (c) and (d) of Article 7(1) and whose material exposures or material liabilities are to that parent institution.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The treatment set out in paragraph 1 shall be permitted only where the parent institution demonstrates fully to the competent authorities the circumstances and arrangements, including legal arrangements, by virtue of which there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds, or repayment of liabilities when due by the subsidiary to its parent undertaking.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where a competent authority exercises the discretion laid down in paragraph 1, it shall on a regular basis and not less than once a year inform the competent authorities of all the other Member States of the use made of paragraph 1 and of the circumstances and arrangements referred to in paragraph 2. Where the subsidiary is in a third country, the competent authorities shall provide the same information to the competent authorities of that third country as well.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 10 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities may, in accordance with national law, partially or fully waive the application of the requirements set out in Parts Two to Eight of this Regulation and Chapter 2 of Regulation (EU) 2017/2402 to one or more credit institutions situated in the same Member State and which are permanently affiliated to a central body which supervises them and which is established in the same Member State, if the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the commitments of the central body and affiliated institutions are joint and several liabilities or the commitments of its affiliated institutions are entirely guaranteed by the central body;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the solvency and liquidity of the central body and of all the affiliated institutions are monitored as a whole on the basis of consolidated accounts of these institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the management of the central body is empowered to issue instructions to the management of the affiliated institutions.</p>
</div>
</div>
</div>
</div>
<p class="norm">Member States may maintain and make use of existing national legislation regarding the application of the waiver referred to in the first subparagraph as long as it does not conflict with this Regulation or Directive 2013/36/EU.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where the competent authorities are satisfied that the conditions set out in paragraph 1 are met, and where the liabilities or commitments of the central body are entirely guaranteed by the affiliated institutions, the competent authorities may waive the application of Parts Two to Eight to the central body on an individual basis.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 2 -
Prudential consolidationSection 1 -
Application of requirements on a consolidated basisArticle 10a -
<p class="norm">For the purposes of the application of this Chapter, investment firms shall be considered to be parent financial holding companies in a Member State or Union parent financial holding companies where such investment firms are parent undertakings of an institution or of an investment firm subject to this Regulation that is referred to in Article 1(2) or (5) of Regulation (EU) 2019/2033.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 11 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Parent institutions in a Member State shall comply, to the extent and in the manner set out in Article 18, with the obligations laid down in Parts Two, Three, Four, Seven and Seven A on the basis of their consolidated situation, with the exception of point (d) of Article 430(1). The parent undertakings and their subsidiaries that are subject to this Regulation shall set up a proper organisational structure and appropriate internal control mechanisms in order to ensure that the data required for consolidation are duly processed and forwarded. In particular, they shall ensure that subsidiaries not subject to this Regulation implement arrangements, processes and mechanisms to ensure proper consolidation.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purpose of ensuring that the requirements of this Regulation are applied on a consolidated basis, the terms ‘institution’, ‘parent institution in a Member State’, ‘EU parent institution’ and ‘parent undertaking’, as the case may be, shall also refer to:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a financial holding company or mixed financial holding company approved in accordance with Article 21a of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a designated institution controlled by a parent financial holding company or parent mixed financial holding company where such a parent is not subject to approval in accordance with Article 21a(4) of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a financial holding company, mixed financial holding company or institution designated in accordance with point (d) of Article 21a(6) of Directive 2013/36/EU.</p>
</div>
</div>
</div>
</div>
<p class="norm">The consolidated situation of an undertaking referred to in point (b) of the first subparagraph of this paragraph shall be the consolidated situation of the parent financial holding company or the parent mixed financial holding company that is not subject to approval in accordance with Article 21a(4) of Directive 2013/36/EU. The consolidated situation of an undertaking referred to in point (c) of the first subparagraph of this paragraph shall be the consolidated situation of its parent financial holding company or parent mixed financial holding company.</p>
<div class="norm">
<span class="no-parag">3a. </span>
<div class="norm inline-element">By way of derogation from paragraph 1 of this Article, only parent institutions identified as resolution entities that are G-SII entities shall comply with Article 92a of this Regulation on a consolidated basis, to the extent and in the manner set out in Article 18 of this Regulation.</div>
</div>
<p class="norm">Only EU parent undertakings that are a material subsidiary of a non-EU G-SII and are not resolution entities shall comply with Article 92b of this Regulation on a consolidated basis to the extent and in the manner set out in Article 18 of this Regulation. Where Article 21b(2) of Directive 2013/36/EU applies, the two intermediate EU parent undertakings jointly identified as a material subsidiary shall each comply with Article 92b of this Regulation on the basis of their consolidated situation.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">EU parent institutions shall comply with Part Six and point (d) of Article 430(1) of this Regulation on the basis of their consolidated situation where the group comprises one or more credit institutions or investment firms that are authorised to provide the investment services and activities listed in points (3) and (6) of Section A of Annex I to Directive 2014/65/EU.</p>
<p class="norm inline-element">Where a waiver has been granted under Article 8(1) to (5), the institutions and, where applicable, the financial holding companies or mixed financial holding companies that are part of a liquidity sub‐group shall comply with Part Six and point (d) of Article 430(1) of this Regulation on a consolidated basis or on the sub‐consolidated basis of the liquidity sub‐group.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Where Article 10 of this Regulation applies, the central body referred to in that Article shall comply with the requirements of Parts Two to Eight of this Regulation and Chapter 2 of Regulation (EU) 2017/2402 on the basis of the consolidated situation of the whole as constituted by the central body together with its affiliated institutions.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">In addition to the requirements laid down in paragraphs 1 to 5 of this Article, and without prejudice to other provisions of this Regulation and Directive 2013/36/EU, when it is justified for supervisory purposes by the specificities of the risk or of the capital structure of an institution or where Member States adopt national laws requiring the structural separation of activities within a banking group, competent authorities may require an institution to comply with the obligations laid down in Parts Two to Eight of this Regulation and in Title VII of Directive 2013/36/EU on a sub-consolidated basis.</div>
</div>
<p class="norm">The application of the approach set out in the first subparagraph shall be without prejudice to effective supervision on a consolidated basis and shall neither entail disproportionate adverse effects on the whole or parts of the financial system in other Member States or in the Union as a whole nor form or create an obstacle to the functioning of the internal market.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 12a -
<p class="norm">Where at least two G-SII entities belonging to the same G-SII are resolution entities, the EU parent institution of that G-SII shall calculate the amount of own funds and eligible liabilities referred to in point (a) of Article 92a(1) of this Regulation. That calculation shall be undertaken on the basis of the consolidated situation of the EU parent institution as if it were the only resolution entity of the G-SII.</p>
<p class="norm">Where the amount calculated in accordance with the first paragraph of this Article is lower than the sum of the amounts of own funds and eligible liabilities referred to in point (a) of Article 92a(1) of this Regulation of all resolution entities belonging to that G-SII, the resolution authorities shall act in accordance with Articles 45d(4) and 45h(2) of Directive 2014/59/EU.</p>
<p class="norm">Where the amount calculated in accordance with the first paragraph of this Article is higher than the sum of the amounts of own funds and eligible liabilities referred to in point (a) of Article 92a(1) of this Regulation of all resolution entities belonging to that G-SII, the resolution authorities may act in accordance with Articles 45d(4) and 45h(2) of Directive 2014/59/EU.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 13 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">EU parent institutions shall comply with Part Eight on the basis of their consolidated situation.</div>
</div>
<p class="norm">Large subsidiaries of EU parent institutions shall disclose the information specified in Articles 437, 438, 440, 442, 450, 451, 451a and 453 on an individual basis or, where applicable in accordance with this Regulation and Directive 2013/36/EU, on a sub-consolidated basis.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions identified as resolution entities that are G-SII entities shall comply with Article 437a and point (h) of Article 447 on the basis of the consolidated situation of their resolution group.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The first subparagraph of paragraph 1 shall not apply to EU parent institutions, EU parent financial holding companies, EU parent mixed financial holding companies or resolution entities where they are included in equivalent disclosures on a consolidated basis provided by a parent undertaking established in a third country.</div>
</div>
<p class="norm">The second subparagraph of paragraph 1 shall apply to subsidiaries of parent undertakings established in a third country where those subsidiaries qualify as large subsidiaries.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where Article 10 applies, the central body referred to in that Article shall comply with Part Eight on the basis of the consolidated situation of the central body. Article 18(1) shall apply to the central body and the affiliated institutions shall be treated as subsidiaries of the central body.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 14 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Parent undertakings and their subsidiaries that are subject to this Regulation shall be required to meet the obligations laid down in Article 5 of Regulation (EU) 2017/2402 on a consolidated or sub-consolidated basis, to ensure that their arrangements, processes and mechanisms required by those provisions are consistent and well-integrated and that any data and information relevant to the purpose of supervision can be produced. In particular, they shall ensure that subsidiaries that are not subject to this Regulation implement arrangements, processes and mechanisms to ensure compliance with those provisions.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall apply an additional risk weight in accordance with Article 270a of this Regulation when applying Article 92 of this Regulation on a consolidated or sub-consolidated basis if the requirements laid down in Article 5 of Regulation (EU) 2017/2402 are breached at the level of an entity established in a third country included in the consolidation in accordance with Article 18 of this Regulation if the breach is material in relation to the overall risk profile of the group.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
Methods for prudential consolidationArticle 18 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions, financial holding companies and mixed financial holding companies that are required to comply with the requirements referred to in Section 1 of this Chapter on the basis of their consolidated situation shall carry out a full consolidation of all institutions and financial institutions that are their subsidiaries. Paragraphs 3 to 6 and paragraph 9 of this Article shall not apply where Part Six and point (d) of Article 430(1) apply on the basis of the consolidated situation of an institution, financial holding company or mixed financial holding company or on the sub-consolidated situation of a liquidity sub-group as set out in Articles 8 and 10.</div>
</div>
<p class="norm">For the purposes of Article 11(3a), institutions that are required to comply with the requirements referred to in Article 92a or 92b on a consolidated basis shall carry out a full consolidation of all institutions and financial institutions that are their subsidiaries in the relevant resolution groups.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Ancillary services undertakings shall be included in consolidation in the cases, and in accordance with the methods, laid down in this Article.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where undertakings are related within the meaning of Article 22(7) of Directive 2013/34/EU, competent authorities shall determine how consolidation is to be carried out.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The consolidating supervisor shall require the proportional consolidation according to the share of capital held of participations in institutions and financial institutions managed by an undertaking included in the consolidation together with one or more undertakings not included in the consolidation, where the liability of those undertakings is limited to the share of the capital they hold.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">In the case of participations or capital ties other than those referred to in paragraphs 1 and 4, competent authorities shall determine whether and how consolidation is to be carried out. In particular, they may permit or require the use of the equity method. That method shall not, however, constitute inclusion of the undertakings concerned in supervision on a consolidated basis.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities shall determine whether and how consolidation is to be carried out in the following cases:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where, in the opinion of the competent authorities, an institution exercises a significant influence over one or more institutions or financial institutions, but without holding a participation or other capital ties in those institutions; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where two or more institutions or financial institutions are placed under single management other than pursuant to a contract, clauses of their memoranda or articles of association.</p>
</div>
</div>
</div>
</div>
<p class="norm">In particular, competent authorities may permit or require the use of the method provided for in Article 22(7), (8) and (9) of Directive 2013/34/EU. That method shall not, however, constitute inclusion of the undertakings concerned in consolidated supervision.</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">Where an institution has a subsidiary which is an undertaking other than an institution, a financial institution or an ancillary services undertaking or holds a participation in such an undertaking, it shall apply to that subsidiary or participation the equity method. That method shall not, however, constitute inclusion of the undertakings concerned in supervision on a consolidated basis.</div>
</div>
<p class="norm inline-element">By way of derogation from the first subparagraph, competent authorities may allow or require institutions to apply a different method to such subsidiaries or participations, including the method required by the applicable accounting framework, provided that:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution does not already apply the equity method on 28 December 2020;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it would be unduly burdensome to apply the equity method or the equity method does not adequately reflect the risks that the undertaking referred to in the first subparagraph poses to the institution; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the method applied does not result in full or proportional consolidation of that undertaking.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities may require full or proportional consolidation of a subsidiary or an undertaking in which an institution holds a participation where that subsidiary or undertaking is not an institution, financial institution or ancillary services undertaking and where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the undertaking is not an insurance undertaking, a third-country insurance undertaking, a reinsurance undertaking, a third-country reinsurance undertaking, an insurance holding company or an undertaking excluded from the scope of Directive 2009/138/EC in accordance with Article 4 of that Directive;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is a substantial risk that the institution decides to provide financial support to that undertaking in stressed conditions, in the absence of, or in excess of any contractual obligations to provide such support.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify conditions in accordance with which consolidation shall be carried out in the cases referred to in paragraphs 3 to 6 and paragraph 8.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2020.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 3 -
Scope of prudential consolidationArticle 19 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution, a financial institution or an ancillary services undertaking which is a subsidiary or an undertaking in which a participation is held, need not to be included in the consolidation where the total amount of assets and off-balance sheet items of the undertaking concerned is less than the smaller of the following two amounts:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">EUR 10 million;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">1 % of the total amount of assets and off-balance sheet items of the parent undertaking or the undertaking that holds the participation.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The competent authorities responsible for exercising supervision on a consolidated basis pursuant to Article 111 of Directive 2013/36/EU may on a case-by-case basis decide in the following cases that an institution, financial institution or ancillary services undertaking which is a subsidiary or in which a participation is held need not be included in the consolidation:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the undertaking concerned is situated in a third country where there are legal impediments to the transfer of the necessary information;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the undertaking concerned is of negligible interest only with respect to the objectives of monitoring institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where, in the opinion of the competent authorities responsible for exercising supervision on a consolidated basis, the consolidation of the financial situation of the undertaking concerned would be inappropriate or misleading as far as the objectives of the supervision of institutions are concerned.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where, in the cases referred to in paragraph 1 and point (b) of paragraph 2, several undertakings meet the criteria set out therein, they shall nevertheless be included in the consolidation where collectively they are of non-negligible interest with respect to the specified objectives.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 20 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The competent authorities shall work together, in full consultation:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in the case of applications for the permissions referred to in Article 143(1), Article 151(4) and (9), Article 283, Article 312(2) and Article363 respectively submitted by an EU parent institution and its subsidiaries, or jointly by the subsidiaries of an EU parent financial holding company or EU parent mixed financial holding company, to decide whether or not to grant the permission sought and to determine the terms and conditions, if any, to which such permission should be subject;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purposes of determining whether the criteria for a specific intragroup treatment as referred to in Article 422(9) and Article 425(5) complemented by the EBA regulatory technical standards referred to in Article 422(10) and Article 425(6) are met.</p>
</div>
</div>
</div>
</div>
<p class="norm">Applications shall be submitted only to the consolidating supervisor.</p>
<p class="norm">The application referred to in Article 312(2), shall include a description of the methodology used for allocating operational risk capital between the different entities of the group. The application shall indicate whether and how diversification effects are intended to be factored in the risk measurement system.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The competent authorities shall do everything within their power to reach a joint decision within six months on:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the application referred to in point (a) of paragraph 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the assessment of the criteria and the determination of the specific treatment referred to in point (b) of paragraph 1.</p>
</div>
</div>
</div>
</div>
<p class="norm">This joint decision shall be set out in a document containing the fully reasoned decision which shall be provided to the applicant by the competent authority referred to in paragraph 1.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The period referred to in paragraph 2 shall begin:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">on the date of receipt of the complete application referred to in point (a) of paragraph 1 by the consolidating supervisor. The consolidating supervisor shall forward the complete application to the other competent authorities without delay;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">on the date of receipt by competent authorities of a report prepared by the consolidating supervisor analysing intragroup commitments within the group.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">In the absence of a joint decision between the competent authorities within six months, the consolidating supervisor shall make its own decision on point (a) of paragraph 1. The decision of the consolidating supervisor shall not limit the powers of the competent authorities under Article 105 of Directive 2013/36/EU.</div>
</div>
<p class="norm">The decision shall be set out in a document containing the fully reasoned decision and shall take into account the views and reservations of the other competent authorities expressed during the six months period.</p>
<p class="norm">The decision shall be provided to the EU parent institution, the EU parent financial holding company or to the EU parent mixed financial holding company and the other competent authorities by the consolidating supervisor.</p>
<p class="norm">If, at the end of the six-month period, any of the competent authorities concerned has referred the matter to EBA in accordance with Article 19 of Regulation (EU) No 1093/2010, the consolidating supervisor shall defer its decision on point (a) of paragraph 1 of this Article and await any decision that EBA may take in accordance with Article 19(3) of that Regulation on its decision, and shall take its decision in conformity with the decision of EBA. The six-month period shall be deemed the conciliation period within the meaning of that Regulation. EBA shall take its decision within one month. The matter shall not be referred to EBA after the end of the six-month period or after a joint decision has been reached.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">In the absence of a joint decision between the competent authorities within six months, the competent authority responsible for the supervision of the subsidiary on an individual basis shall make its own decision on point (b) of paragraph 1.</div>
</div>
<p class="norm">The decision shall be set out in a document containing the fully reasoned decision and shall take into account the views and reservations of the other competent authorities expressed during the six-month period.</p>
<p class="norm">The decision shall be provided to the consolidating supervisor that informs the EU parent institution, the EU parent financial holding company or the EU parent mixed financial holding company.</p>
<p class="norm">If, at the end of the six-month period, the consolidating supervisor has referred the matter to EBA in accordance with Article 19 of Regulation (EU) No 1093/2010, the competent authority responsible for the supervision of the subsidiary on an individual basis shall defer its decision on point (b) of paragraph 1 of this Article and await any decision that EBA may take in accordance with Article 19(3) of that Regulation on its decision, and shall take its decision in conformity with the decision of EBA. The six-month period shall be deemed the conciliation period within the meaning of that Regulation. EBA shall take its decision within one month. The matter shall not be referred to EBA after the end of the six-month period or after a joint decision has been reached.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Where an EU parent institution and its subsidiaries, the subsidiaries of an EU parent financial holding company or an EU parent mixed financial holding company use an Advanced Measurement Approach referred to in Article 312(2) or an IRB Approach referred to in Article 143 on a unified basis, the competent authorities shall allow the qualifying criteria set out in Articles 321 and 322 or in Part Three, Title II, Chapter 3, Section 6 respectively to be met by the parent and its subsidiaries considered together, in a way that is consistent with the structure of the group and its risk management systems, processes and methodologies.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">The decisions referred to in paragraphs 2, 4 and 5 shall be recognised as determinative and applied by the competent authorities in the Member States concerned.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">EBA shall develop draft implementing technical standards to specify the joint decision process referred to in point (a) of paragraph 1 with regard to the applications for permissions referred to in Article 143(1), Article 151(4) and (9), Article 283, Article 312(2), and Article 363 with a view to facilitating joint decisions.</div>
</div>
<p class="norm">EBA shall submit those draft implementing technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 21 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Upon application of an EU parent institution or an EU parent financial holding company or EU parent mixed financial holding company or a sub-consolidating subsidiary of an EU parent institution or an EU parent financial holding company or EU parent mixed financial holding company, the consolidating supervisor and the competent authorities responsible for the supervision of subsidiaries of an EU parent institution or an EU parent financial holding company or EU parent mixed financial holding company in a Member State shall do everything within their power to reach a joint decision on whether the conditions in points (a) to (d) of Article 8(1) are met and identifying a single liquidity sub-group for the application of Article 8.</div>
</div>
<p class="norm">The joint decision shall be reached within six months after submission by the consolidating supervisor of a report identifying single liquidity sub-groups on the basis of the criteria laid down in Article 8. In the event of disagreement during the six-month period, the consolidating supervisor shall consult EBA at the request of any of the other competent authorities concerned. The consolidating supervisor may consult EBA on its own initiative.</p>
<p class="norm">The joint decision may also impose constraints on the location and ownership of liquid assets and require minimum amounts of liquid assets to be held by institutions that are exempt from the application of Part Six.</p>
<p class="norm">The joint decision shall be set out in a document containing the fully reasoned decision which shall be submitted to the parent institution of the liquidity subgroup by the consolidating supervisor.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">In the absence of a joint decision within six months, each competent authority responsible for supervision on an individual basis shall take its own decision.</div>
</div>
<p class="norm">However, any competent authority may during the six-month period refer to EBA the question whether the conditions in points (a) to (d) of Article 8(1) are met. In that case, EBA may carry out its non-binding mediation in accordance with Article 31(c) of Regulation (EU) No 1093/2010 and all the competent authorities involved shall defer their decisions pending the conclusion of the non-binding mediation. Where, during the mediation, no agreement has been reached by the competent authorities within three months, each competent authority responsible for supervision on an individual basis shall take its own decision taking into account the proportionality of benefits and risks at the level of the Member State of the parent institution and the proportionality of benefits and risks at the level of the Member State of the subsidiary. The matter shall not be referred to EBA after the end of the six-month period or after a joint decision has been reached.</p>
<p class="norm">The joint decision referred to in paragraph 1 and the decisions referred to in the second subparagraph of this paragraph shall be binding.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Any relevant competent authority may also during the six-month period consult EBA in the event of a disagreement on the conditions in points (a) to (d) of Article 8(3). In that case, EBA may carry out its non-binding mediation in accordance with Article 31(c) of Regulation (EU) No 1093/2010, and all the competent authorities involved shall defer their decisions pending the conclusion of the non-binding mediation. Where, during the mediation, no agreement has been reached by the competent authorities within three months, each competent authority responsible for supervision on an individual basis shall take its own decision.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 22 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Subsidiary institutions shall apply the requirements laid down in Articles 89, 90 and 91 and Parts Three, Four and Seven and the associated reporting requirements laid down in Part Seven A on the basis of their sub-consolidated situation if those institutions, or their parent undertaking where the parent undertaking is a financial holding company or mixed financial holding company, have an institution or a financial institution as a subsidiary in a third country, or hold a participation in such an undertaking.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">By way of derogation from paragraph 1 of this Article, subsidiary institutions may choose not to apply the requirements laid down in Articles 89, 90 and 91 and Parts Three, Four and Seven and the associated reporting requirements laid down in Part Seven A on the basis of their sub-consolidated situation where the total assets and off-balance-sheet items of the subsidiaries and participations in third countries are less than 10 % of the total amount of the assets and off-balance-sheet items of the subsidiary institution.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 23 -
<p class="norm">For the purposes of applying supervision on a consolidated basis in accordance with this Chapter, the terms ‘investment firm’, ‘credit institution’, financial institution', and ‘institution’ shall also apply to undertakings established in third countries, which, were they established in the Union, would fulfil the definitions of those terms in Article 4.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 24 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The valuation of assets and off-balance sheet items shall be effected in accordance with the applicable accounting framework.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">By way of derogation from paragraph 1, competent authorities may require that institutions effect the valuation of assets and off-balance sheet items and the determination of own funds in accordance with the international accounting standards as applicable under Regulation (EC) No 1606/2002.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
PART TWO -
OWN FUNDS AND ELIGIBLE LIABILITIESTITLE I -
ELEMENTS OF OWN FUNDSCHAPTER 1 -
Tier 1 capitalArticle 25 -
<p class="norm">The Tier 1 capital of an institution consists of the sum of the Common Equity Tier 1 capital and Additional Tier 1 capital of the institution.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 2 -
Common Equity Tier 1 capitalSection 1 -
Common Equity Tier 1 items and instrumentsArticle 26 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Common Equity Tier 1 items of institutions consist of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">capital instruments, provided that the conditions laid down in Article 28 or, where applicable, Article 29 are met;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">share premium accounts related to the instruments referred to in point (a);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">retained earnings;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">accumulated other comprehensive income;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">other reserves;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">funds for general banking risk.</p>
</div>
</div>
</div>
</div>
<p class="norm">The items referred to in points (c) to (f) shall be recognised as Common Equity Tier 1 only where they are available to the institution for unrestricted and immediate use to cover risks or losses as soon as these occur.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (c) of paragraph 1, institutions may include interim or year-end profits in Common Equity Tier 1 capital before the institution has taken a formal decision confirming the final profit or loss of the institution for the year only with the prior permission of the competent authority. The competent authority shall grant permission where the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">those profits have been verified by persons independent of the institution that are responsible for the auditing of the accounts of that institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has demonstrated to the satisfaction of the competent authority that any foreseeable charge or dividend has been deducted from the amount of those profits.</p>
</div>
</div>
</div>
</div>
<p class="norm">A verification of the interim or year-end profits of the institution shall provide an adequate level of assurance that those profits have been evaluated in accordance with the principles set out in the applicable accounting framework.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Competent authorities shall evaluate whether issuances of capital instruments meet the criteria set out in Article 28 or, where applicable, Article 29. Institutions shall classify issuances of capital instruments as Common Equity Tier 1 instruments only after permission is granted by the competent authorities.</div>
</div>
<p class="norm inline-element">By way of derogation from the first subparagraph, institutions may classify as Common Equity Tier 1 instruments subsequent issuances of a form of Common Equity Tier 1 instruments for which they have already received that permission, provided that both of the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the provisions governing those subsequent issuances are substantially the same as the provisions governing those issuances for which the institutions have already received permission;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions have notified those subsequent issuances to the competent authorities sufficiently in advance of their classification as Common Equity Tier 1 instruments.</p>
</div>
</div>
<p class="norm">Competent authorities shall consult EBA before granting permission for new forms of capital instruments to be classified as Common Equity Tier 1 instruments. Competent authorities shall have due regard to EBA's opinion and, where they decide to deviate from it, shall write to EBA within three months from the date of receipt of EBA's opinion setting out the rationale for deviating from the relevant opinion. This subparagraph does not apply to the capital instruments referred to in Article 31.</p>
<p class="norm">On the basis of information collected from competent authorities, EBA shall establish, maintain and publish a list of all forms of capital instruments in each Member State that qualify as Common Equity Tier 1 instruments. In accordance with Article 35 of Regulation (EU) No 1093/2010, EBA may collect any information in connection with Common Equity Tier 1 instruments that it considers necessary to establish compliance with the criteria set out in Article 28 or, where applicable, Article 29 of this Regulation and for the purpose of maintaining and updating the list referred to in this subparagraph.</p>
<p class="norm">Following the review process set out in Article 80 and where there is sufficient evidence that the relevant capital instruments do not meet or have ceased to meet the criteria set out in Article 28 or, where applicable, Article 29, EBA may decide not to add those instruments to the list referred to in the fourth subparagraph or remove them from that list, as the case may be. EBA shall make an announcement to that effect that shall also refer to the relevant competent authority's position on the matter. This subparagraph does not apply to the capital instruments referred to in Article 31.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the meaning of foreseeable when determining whether any foreseeable charge or dividend has been deducted.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 27 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Common Equity Tier 1 items shall include any capital instrument issued by an institution under its statutory terms provided that the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution is of a type that is defined under applicable national law and which competent authorities consider to qualify as any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a mutual;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a cooperative society;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a savings institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a similar institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a credit institution which is wholly owned by one of the institutions referred to in points (i) to (iv) and has approval from the relevant competent authority to make use of the provisions in this Article, provided that, and for as long as, 100 % of the ordinary shares in issue in the credit institution are held directly or indirectly by an institution referred to in those points;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions laid down in Articles 28 or, where applicable, Article 29, are met.</p>
</div>
</div>
</div>
</div>
<p class="norm">Those mutuals, cooperative societies or savings institutions recognised as such under applicable national law prior to 31 December 2012 shall continue to be classified as such for the purposes of this Part, provided that they continue to meet the criteria that determined such recognition.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the conditions according to which competent authorities may determine that a type of undertaking recognised under applicable national law qualifies as a mutual, cooperative society, savings institution or similar institution for the purposes of this Part.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 28 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Capital instruments shall qualify as Common Equity Tier 1 instruments only if all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are issued directly by the institution with the prior approval of the owners of the institution or, where permitted under applicable national law, the management body of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are fully paid up and the acquisition of ownership of those instruments is not funded directly or indirectly by the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments meet all the following conditions as regards their classification:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they qualify as capital within the meaning of Article 22 of Directive 86/635/EEC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are classified as equity within the meaning of the applicable accounting framework;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are classified as equity capital for the purposes of determining balance sheet insolvency, where applicable under national insolvency law;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are clearly and separately disclosed on the balance sheet in the financial statements of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are perpetual;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the principal amount of the instruments may not be reduced or repaid, except in either of the following cases:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the liquidation of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">discretionary repurchases of the instruments or other discretionary means of reducing capital, where the institution has received the prior permission of the competent authority in accordance with Article 77;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the provisions governing the instruments do not indicate expressly or implicitly that the principal amount of the instruments would or might be reduced or repaid other than in the liquidation of the institution, and the institution does not otherwise provide such an indication prior to or at issuance of the instruments, except in the case of instruments referred to in Article 27 where the refusal by the institution to redeem such instruments is prohibited under applicable national law;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments meet the following conditions as regards distributions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is no preferential distribution treatment regarding the order of distribution payments, including in relation to other Common Equity Tier 1 instruments, and the terms governing the instruments do not provide preferential rights to payment of distributions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">distributions to holders of the instruments may be paid only out of distributable items;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions governing the instruments do not include a cap or other restriction on the maximum level of distributions, except in the case of the instruments referred to in Article 27;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the level of distributions is not determined on the basis of the amount for which the instruments were purchased at issuance, except in the case of the instruments referred to in Article 27;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions governing the instruments do not include any obligation for the institution to make distributions to their holders and the institution is not otherwise subject to such an obligation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(vi) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">non-payment of distributions does not constitute an event of default of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(vii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the cancellation of distributions imposes no restrictions on the institution;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">compared to all the capital instruments issued by the institution, the instruments absorb the first and proportionately greatest share of losses as they occur, and each instrument absorbs losses to the same degree as all other Common Equity Tier 1 instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments rank below all other claims in the event of insolvency or liquidation of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments entitle their owners to a claim on the residual assets of the institution, which, in the event of its liquidation and after the payment of all senior claims, is proportionate to the amount of such instruments issued and is not fixed or subject to a cap, except in the case of the capital instruments referred to in Article 27;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are neither secured nor subject to a guarantee that enhances the seniority of the claim by any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent undertaking of the institution or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent financial holding company or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the mixed activity holding company or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the mixed financial holding company and its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(vi) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any undertaking that has close links with the entities referred to in points (i) to (v);</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(m) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are not subject to any arrangement, contractual or otherwise, that enhances the seniority of claims under the instruments in insolvency or liquidation.</p>
</div>
</div>
</div>
</div>
<p class="norm">The condition set out in point (j) of the first subparagraph shall be deemed to be met, notwithstanding the instruments are included in Additional Tier 1 or Tier 2 by virtue of Article 484(3), provided that they rank pari passu.</p>
<p class="norm">For the purposes of point (b) of the first subparagraph, only the part of a capital instrument that is fully paid up shall be eligible to qualify as a Common Equity Tier 1 instrument.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The conditions laid down in point (i) of paragraph 1 shall be deemed to be met notwithstanding a write down on a permanent basis of the principal amount of Additional Tier 1 or Tier 2 instruments.</div>
</div>
<p class="norm">The condition laid down in point (f) of paragraph 1 shall be deemed to be met notwithstanding the reduction of the principal amount of the capital instrument within a resolution procedure or as a consequence of a write down of capital instruments required by the resolution authority responsible for the institution.</p>
<p class="norm">The condition laid down in point (g) of paragraph 1 shall be deemed to be met notwithstanding the provisions governing the capital instrument indicating expressly or implicitly that the principal amount of the instrument would or might be reduced within a resolution procedure or as a consequence of a write down of capital instruments required by the resolution authority responsible for the institution.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The condition laid down in point (h)(iii) of paragraph 1 shall be deemed to be met notwithstanding the instrument paying a dividend multiple, provided that such a dividend multiple does not result in a distribution that causes a disproportionate drag on own funds.</div>
</div>
<p class="norm inline-element">The condition set out in point (h)(v) of the first subparagraph of paragraph 1 shall be considered to be met notwithstanding a subsidiary being subject to a profit and loss transfer agreement with its parent undertaking, according to which the subsidiary is obliged to transfer, following the preparation of its annual financial statements, its annual result to the parent undertaking, where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent undertaking owns 90 % or more of the voting rights and capital of the subsidiary;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent undertaking and the subsidiary are located in the same Member State;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the agreement was concluded for legitimate taxation purposes;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in preparing the annual financial statement, the subsidiary has discretion to decrease the amount of distributions by allocating a part or all of its profits to its own reserves or funds for general banking risk before making any payment to its parent undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent undertaking is obliged under the agreement to fully compensate the subsidiary for all losses of the subsidiary;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the agreement is subject to a notice period according to which the agreement can be terminated only by the end of an accounting year, with such termination taking effect no earlier than the beginning of the following accounting year, leaving the parent undertaking's obligation to fully compensate the subsidiary for all losses incurred during the current accounting year unchanged.</p>
</div>
</div>
<p class="norm">Where an institution has entered into a profit and loss transfer agreement, it shall notify the competent authority without delay and provide the competent authority with a copy of the agreement. The institution shall also notify the competent authority without delay of any changes to the profit and loss transfer agreement and the termination thereof. An institution shall not enter into more than one profit and loss transfer agreement.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purposes of point (h)(i) of paragraph 1, differentiated distributions shall only reflect differentiated voting rights. In this respect, higher distributions shall only apply to Common Equity Tier 1 instruments with fewer or no voting rights.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the applicable forms and nature of indirect funding of own funds instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">whether and when multiple distributions would constitute a disproportionate drag on own funds;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the meaning of preferential distributions.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 29 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Capital instruments issued by mutuals, cooperative societies, savings institutions and similar institutions shall qualify as Common Equity Tier 1 instruments only if the conditions laid down in Article 28 with modifications resulting from the application of this Article are met.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following conditions shall be met as regards redemption of the capital instruments:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">except where prohibited under applicable national law, the institution shall be able to refuse the redemption of the instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the refusal by the institution of the redemption of instruments is prohibited under applicable national law, the provisions governing the instruments shall give the institution the ability to limit their redemption;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">refusal to redeem the instruments, or the limitation of the redemption of the instruments where applicable, may not constitute an event of default of the institution.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The capital instruments may include a cap or restriction on the maximum level of distributions only where that cap or restriction is set out under applicable national law or the statute of the institution.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where the capital instruments provide the owner with rights to the reserves of the institution in the event of insolvency or liquidation that are limited to the nominal value of the instruments, such a limitation shall apply to the same degree to the holders of all other Common Equity Tier 1 instruments issued by that institution.</div>
</div>
<p class="norm inline-element">The condition laid down in the first subparagraph is without prejudice to the possibility for a mutual, cooperative society, savings institution or a similar institution to recognise within Common Equity Tier 1 instruments that do not afford voting rights to the holder and that meet all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the claim of the holders of the non-voting instruments in the insolvency or liquidation of the institution is proportionate to the share of the total Common Equity Tier 1 instruments that those non-voting instruments represent;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments otherwise qualify as Common Equity Tier 1 instruments.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Where the capital instruments entitle their owners to a claim on the assets of the institution in the event of its insolvency or liquidation that is fixed or subject to a cap, such a limitation shall apply to the same degree to all holders of all Common Equity Tier 1 instruments issued by the institution.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the nature of the limitations on redemption necessary where the refusal by the institution of the redemption of own funds instruments is prohibited under applicable national law.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 30 -
<p class="norm">The following shall apply where, in the case of a Common Equity Tier 1 instrument, the conditions laid down in Article 28 or, where applicable, Article 29 cease to be met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">that instrument shall immediately cease to qualify as a Common Equity Tier 1 instrument;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the share premium accounts that relate to that instrument shall immediately cease to qualify as Common Equity Tier 1 items.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 31 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">In emergency situations, competent authorities may permit institutions to include in Common Equity Tier 1 capital instruments that comply at least with the conditions laid down in points (b) to (e) of Article 28(1) where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the capital instruments are issued after 1 January 2014;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the capital instruments are considered State aid by the Commission;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the capital instruments are issued within the context of recapitalisation measures pursuant to State aid- rules existing at the time;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the capital instruments are fully subscribed and held by the State or a relevant public authority or public-owned entity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the capital instruments are able to absorb losses;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">except for the capital instruments referred to in Article 27, in the event of liquidation, the capital instruments entitle their owners to a claim on the residual assets of the institution after the payment of all senior claims;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there are adequate exit mechanisms of the State or, where applicable, a relevant public authority or public-owned entity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the competent authority has granted its prior permission and has published its decision together with an explanation of that decision.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Upon reasoned request by, and in cooperation with, the relevant competent authority, EBA shall consider the capital instruments referred to in paragraph 1 as equivalent to Common Equity Tier 1 instruments for the purposes of this Regulation.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
Prudential filtersArticle 32 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall exclude from any element of own funds any increase in its equity under the applicable accounting framework that results from securitised assets, including the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">such an increase associated with future margin income that results in a gain on sale for the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the institution is the originator of a securitisation, net gains that arise from the capitalisation of future income from the securitised assets that provide credit enhancement to positions in the securitisation.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify further the concept of a gain on sale referred to in point (a) of paragraph 1.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 33 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall not include the following items in any element of own funds:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the fair value reserves related to gains or losses on cash flow hedges of financial instruments that are not valued at fair value, including projected cash flows;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">gains or losses on liabilities of the institution that are valued at fair value that result from changes in the own credit standing of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">fair value gains and losses on derivative liabilities of the institution that result from changes in the own credit risk of the institution.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of point (c) of paragraph 1, institutions shall not offset the fair value gains and losses arising from the institution's own credit risk with those arising from its counterparty credit risk.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Without prejudice to point (b) of paragraph 1, institutions may include the amount of gains and losses on their liabilities in own funds where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the liabilities are in the form of bonds as referred to in Article 52(4) of Directive 2009/65/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the changes in the value of the institution's assets and liabilities are due to the same changes in the institution's own credit standing;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is a close correspondence between the value of the bonds referred to in point (a) and the value of the institution's assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is possible to redeem the mortgage loans by buying back the bonds financing the mortgage loans at market or nominal value.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify what constitutes close correspondence between the value of the bonds and the value of the assets, as referred to in point (c) of paragraph 3.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 30 September 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 34 -
<p class="norm">Institutions shall apply the requirements of Article 105 to all their assets measured at fair value when calculating the amount of their own funds and shall deduct from Common Equity Tier 1 capital the amount of any additional value adjustments necessary.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 35 -
<p class="norm">Except in the case of the items referred to in Article 33, institutions shall not make adjustments to remove from their own funds unrealised gains or losses on their assets or liabilities measured at fair value.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 3 -
Deductions from Common Equity Tier 1 items, exemptions and alternativesSub-Section 1 -
Deductions from Common Equity Tier 1 itemsArticle 36 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall deduct the following from Common Equity Tier 1 items:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">losses for the current financial year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">intangible assets with the exception of prudently valued software assets the value of which is not negatively affected by resolution, insolvency or liquidation of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">deferred tax assets that rely on future profitability;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for institutions calculating risk-weighted exposure amounts using the Internal Ratings Based Approach (the IRB Approach), negative amounts resulting from the calculation of expected loss amounts laid down in Articles 158 and 159;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">defined benefit pension fund assets on the balance sheet of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">direct, indirect and synthetic holdings by an institution of own Common Equity Tier 1 instruments, including own Common Equity Tier 1 instruments that an institution is under an actual or contingent obligation to purchase by virtue of an existing contractual obligation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">direct, indirect and synthetic holdings of the Common Equity Tier 1 instruments of financial sector entities where those entities have a reciprocal cross holding with the institution that the competent authority considers to have been designed to inflate artificially the own funds of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the applicable amount of direct, indirect and synthetic holdings by the institution of Common Equity Tier 1 instruments of financial sector entities where the institution does not have a significant investment in those entities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the applicable amount of direct, indirect and synthetic holdings by the institution of the Common Equity Tier 1 instruments of financial sector entities where the institution has a significant investment in those entities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of items required to be deducted from Additional Tier 1 items pursuant to Article 56 that exceeds the Additional Tier 1 items of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure amount of the following items which qualify for a risk weight of 1 250 %, where the institution deducts that exposure amount from the amount of Common Equity Tier 1 items as an alternative to applying a risk weight of 1 250 %:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">qualifying holdings outside the financial sector;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">securitisation positions, in accordance with point (b) of Article 244(1), point (b) of Article 245(1) and Article 253;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">free deliveries, in accordance with Article 379(3);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">positions in a basket for which an institution cannot determine the risk weight under the IRB Approach, in accordance with Article 153(8);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">equity exposures under an internal models approach, in accordance with Article 155(4).</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any tax charge relating to Common Equity Tier 1 items foreseeable at the moment of its calculation, except where the institution suitably adjusts the amount of Common Equity Tier 1 items insofar as such tax charges reduce the amount up to which those items may be used to cover risks or losses;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(m) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the applicable amount of insufficient coverage for non-performing exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(n) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for a minimum value commitment referred to in Article 132c(2), any amount by which the current market value of the units or shares in CIUs underlying the minimum value commitment falls short of the present value of the minimum value commitment and for which the institution has not already recognised a reduction of Common Equity Tier 1 items.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the application of the deductions referred to in points (a), (c), (e), (f), (h), (i) and (l) of paragraph 1 of this Article and related deductions referred to in points (a), (c), (d) and (f) of Article 56 and points (a), (c) and (d) of Article 66.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the types of capital instruments of financial institutions and, in consultation with the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 (<a href="#E0017" id="src.E0017">
<span class="superscript">17</span>
</a>), of third country insurance and reinsurance undertakings, and of undertakings excluded from the scope of Directive 2009/138/EC in accordance with Article 4 of that Directive that shall be deducted from the following elements of own funds:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Common Equity Tier 1 items;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Additional Tier 1 items;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Tier 2 items.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the application of the deductions referred to in point (b) of paragraph 1, including the materiality of negative effects on the value which do not cause prudential concerns.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 June 2020.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 37 -
<p class="norm">Institutions shall determine the amount of intangible assets to be deducted in accordance with the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount to be deducted shall be reduced by the amount of associated deferred tax liabilities that would be extinguished if the intangible assets became impaired or were derecognised under the applicable accounting framework;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount to be deducted shall include goodwill included in the valuation of significant investments of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount to be deducted shall be reduced by the amount of the accounting revaluation of the subsidiaries' intangible assets derived from the consolidation of subsidiaries attributable to persons other than the undertakings included in the consolidation pursuant to Chapter 2 of Title II of Part One.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 38 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall determine the amount of deferred tax assets that rely on future profitability that require deduction in accordance with this Article.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Except where the conditions laid down in paragraph 3 are met, the amount of deferred tax assets that rely on future profitability shall be calculated without reducing it by the amount of the associated deferred tax liabilities of the institution.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The amount of deferred tax assets that rely on future profitability may be reduced by the amount of the associated deferred tax liabilities of the institution, provided the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the entity has a legally enforceable right under applicable national law to set off those current tax assets against current tax liabilities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the deferred tax assets and the deferred tax liabilities relate to taxes levied by the same tax authority and on the same taxable entity.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Associated deferred tax liabilities of the institution used for the purposes of paragraph 3 may not include deferred tax liabilities that reduce the amount of intangible assets or defined benefit pension fund assets required to be deducted.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">The amount of associated deferred tax liabilities referred to in paragraph 4 shall be allocated between the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">deferred tax assets that rely on future profitability and arise from temporary differences that are not deducted in accordance with Article 48(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all other deferred tax assets that rely on future profitability.</p>
</div>
</div>
</div>
</div>
<p class="norm">Institutions shall allocate the associated deferred tax liabilities according to the proportion of deferred tax assets that rely on future profitability that the items referred to in points (a) and (b) represent.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 39 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following items shall not be deducted from own funds and shall be subject to a risk weight in accordance with Chapter 2 or 3 of Title II of Part Three, as applicable:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">overpayments of tax by the institution for the current year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">current year tax losses of the institution carried back to previous years that give rise to a claim on, or a receivable from, a central government, regional government or local tax authority.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R0876" onclick="window.open(this.href,'_blank'); return false;" title="32019R0876: REPLACED">
<span class="boldface">►M8</span>
</a>
</span> Deferred tax assets that do not rely on future profitability shall be limited to deferred tax assets which were created before 23 November 2016 and which arise from temporary differences, where all the following conditions are met:<span class="boldface"> ◄ </span>
</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are automatically and mandatorily replaced without delay with a tax credit in the event that the institution reports a loss when the annual financial statements of the institution are formally approved, or in the event of liquidation or insolvency of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution is able under the applicable national tax law to offset a tax credit referred to in point (a) against any tax liability of the institution or any other undertaking included in the same consolidation as the institution for tax purposes under that law or any other undertaking subject to the supervision on a consolidated basis in accordance with Chapter 2 of Title II of Part One;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the amount of tax credits referred to in point (b) exceeds the tax liabilities referred to in that point, any such excess is replaced without delay with a direct claim on the central government of the Member State in which the institution is incorporated.</p>
</div>
</div>
</div>
</div>
<p class="norm">Institutions shall apply a risk weight of 100 % to deferred tax assets where the conditions laid down in points (a), (b) and (c) are met.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 40 -
<p class="norm">The amount to be deducted in accordance with point (d) of Article 36(1) shall not be reduced by a rise in the level of deferred tax assets that rely on future profitability, or other additional tax effects, that could occur if provisions were to rise to the level of expected losses referred to in Section 3 of Chapter 3 of Title II of Part Three.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 41 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (e) of Article 36(1), the amount of defined benefit pension fund assets to be deducted shall be reduced by the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of any associated deferred tax liability which could be extinguished if the assets became impaired or were derecognised under the applicable accounting framework;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of assets in the defined benefit pension fund which the institution has an unrestricted ability to use, provided that the institution has received the prior permission of the competent authority.</p>
</div>
</div>
<p class="norm inline-element">Those assets used to reduce the amount to be deducted shall receive a risk weight in accordance with Chapter 2 or 3 of Title II of Part Three, as applicable.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the criteria according to which a competent authority shall permit an institution to reduce the amount of assets in the defined benefit pension fund as specified in point (b) of paragraph 1.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 42 -
<p class="norm">For the purposes of point (f) of Article 36(1), institutions shall calculate holdings of own Common Equity Tier 1 instruments on the basis of gross long positions subject to the following exceptions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions may calculate the amount of holdings of own Common Equity Tier 1 instruments on the basis of the net long position provided that both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the long and short positions are in the same underlying exposure and the short positions involve no counterparty risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the long and the short positions are held in the trading book or both are held in the non-trading book;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall determine the amount to be deducted for direct, indirect and synthetic holdings of index securities by calculating the underlying exposure to own Common Equity Tier 1 instruments included in those indices;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions may net gross long positions in own Common Equity Tier 1 instruments resulting from holdings of index securities against short positions in own Common Equity Tier 1 instruments resulting from short positions in the underlying indices, including where those short positions involve counterparty risk, provided that both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the long and short positions are in the same underlying indices;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the long and the short positions are held in the trading book or both are held in the non-trading book.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 43 -
<p class="norm">For the purposes of deduction, a significant investment of an institution in a financial sector entity shall arise where any of the following conditions is met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution owns more than 10 % of the Common Equity Tier 1 instruments issued by that entity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has close links with that entity and owns Common Equity Tier 1 instruments issued by that entity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution owns Common Equity Tier 1 instruments issued by that entity and the entity is not included in consolidation pursuant to Chapter 2 of Title II of Part One but is included in the same accounting consolidation as the institution for the purposes of financial reporting under the applicable accounting framework.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 44 -
<p class="norm">Institutions shall make the deductions referred to in points (g), (h) and (i) of Article 36(1) in accordance with the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">holdings of Common Equity Tier 1 instruments and other capital instruments of financial sector entities shall be calculated on the basis of the gross long positions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Tier 1 own-fund insurance items shall be treated as holdings of Common Equity Tier 1 instruments for the purposes of deduction.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 45 -
<p class="norm">Institutions shall make the deductions required by points (h) and (i) of Article 36(1) in accordance with the following provisions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they may calculate direct, indirect and synthetic holdings of Common Equity Tier 1 instruments of the financial sector entities on the basis of the net long position in the same underlying exposure provided that both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the maturity date of the short position is either the same as, or later than the maturity date of the long position or the residual maturity of the short position is at least one year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the long position and the short position are held in the trading book or both are held in the non-trading book;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall determine the amount to be deducted for direct, indirect and synthetic holdings of index securities by calculating the underlying exposure to the capital instruments of the financial sector entities in those indices.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 46 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (h) of Article 36(1), institutions shall calculate the applicable amount to be deducted by multiplying the amount referred to in point (a) of this paragraph by the factor derived from the calculation referred to in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the aggregate amount by which the direct, indirect and synthetic holdings by the institution of the Common Equity Tier 1, Additional Tier 1 and Tier 2 instruments of financial sector entities in which the institution does not have a significant investment exceeds 10 % of the aggregate amount of Common Equity Tier 1 items of the institution calculated after applying the following to Common Equity Tier 1 items:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Articles 32 to 35;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the deductions referred to in points (a) to (g), points (k)(ii) to (v) and point (l) of Article 36(1), excluding the amount to be deducted for deferred tax assets that rely on future profitability and arise from temporary differences;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Articles 44 and 45;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of direct, indirect and synthetic holdings by the institution of the Common Equity Tier 1 instruments of those financial sector entities in which the institution does not have a significant investment divided by the aggregate amount of direct, indirect and synthetic holdings by the institution of the Common Equity Tier 1, Additional Tier 1 and Tier 2 instruments of those financial sector entities.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall exclude underwriting positions held for five working days or fewer from the amount referred to in point (a) of paragraph 1 and from the calculation of the factor referred to in point (b) of paragraph 1.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The amount to be deducted pursuant to paragraph 1 shall be apportioned across all Common Equity Tier 1 instruments held. Institutions shall determine the amount of each Common Equity Tier 1 instrument that is deducted pursuant to paragraph 1 by multiplying the amount specified in point (a) of this paragraph by the proportion specified in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of holdings required to be deducted pursuant to paragraph 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the proportion of the aggregate amount of direct, indirect and synthetic holdings by the institution of the Common Equity Tier 1 instruments of financial sector entities in which the institution does not have a significant investment represented by each Common Equity Tier 1 instrument held.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The amount of holdings referred to in point (h) of Article 36(1) that is equal to or less than 10 % of the Common Equity Tier 1 items of the institution after applying the provisions laid down in points (a)(i) to (iii) of paragraph 1 shall not be deducted and shall be subject to the applicable risk weights in accordance with Chapter 2 or 3 of Title II of Part Three and the requirements laid down in Title IV of Part Three, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall determine the amount of each Common Equity Tier 1 instrument that is risk weighted pursuant to paragraph 4 by multiplying the amount specified in point (a) of this paragraph by the amount specified in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of holdings required to be risk weighted pursuant to paragraph 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the proportion resulting from the calculation in point (b) of paragraph 3.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 47 -
<p class="norm">For the purposes of point (i) of Article 36(1), the applicable amount to be deducted from Common Equity Tier 1 items shall exclude underwriting positions held for five working days or fewer and shall be determined in accordance with Articles 44 and 45 and Sub-section 2.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 47a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (m) of Article 36(1), exposure shall include any of the following items, provided they are not included in the trading book of the institution:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a debt instrument, including a debt security, a loan, an advance and a demand deposit;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a loan commitment given, a financial guarantee given or any other commitment given, irrespective of whether it is revocable or irrevocable, with the exception of undrawn credit facilities that may be cancelled unconditionally at any time and without notice, or that effectively provide for automatic cancellation due to deterioration in the borrower's creditworthiness.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of point (m) of Article 36(1), the exposure value of a debt instrument shall be its accounting value measured without taking into account any specific credit risk adjustments, additional value adjustments in accordance with Articles 34 and 105, amounts deducted in accordance with point (m) of Article 36(1), other own funds reductions related to the exposure or partial write-offs made by the institution since the last time the exposure was classified as non-performing.</div>
</div>
<p class="norm">For the purposes of point (m) of Article 36(1), the exposure value of a debt instrument that was purchased at a price lower than the amount owed by the debtor shall include the difference between the purchase price and the amount owed by the debtor.</p>
<p class="norm">For the purposes of point (m) of Article 36(1), the exposure value of a loan commitment given, a financial guarantee given or any other commitment given as referred to in point (b) of paragraph 1 of this Article shall be its nominal value, which shall represent the institution's maximum exposure to credit risk without taking account of any funded or unfunded credit protection. The nominal value of a loan commitment given shall be the undrawn amount that the institution has committed to lend and the nominal value of a financial guarantee given shall be the maximum amount the entity could have to pay if the guarantee is called on.</p>
<p class="norm">The nominal value referred to in the third subparagraph of this paragraph shall not take into account any specific credit risk adjustment, additional value adjustments in accordance with Articles 34 and 105, amounts deducted in accordance with point (m) of Article 36(1) or other own funds reductions related to the exposure.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (m) of Article 36(1), the following exposures shall be classified as non-performing:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an exposure in respect of which a default is considered to have occurred in accordance with Article 178;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an exposure which is considered to be impaired in accordance with the applicable accounting framework;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an exposure under probation pursuant to paragraph 7, where additional forbearance measures are granted or where the exposure becomes more than 30 days past due;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an exposure in the form of a commitment that, were it drawn down or otherwise used, would likely not be paid back in full without realisation of collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an exposure in form of a financial guarantee that is likely to be called by the guaranteed party, including where the underlying guaranteed exposure meets the criteria to be considered as non-performing.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of point (a), where an institution has on-balance-sheet exposures to an obligor that are past due by more than 90 days and that represent more than 20 % of all on-balance-sheet exposures to that obligor, all on- and off-balance-sheet exposures to that obligor shall be considered to be non-performing.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Exposures that have not been subject to a forbearance measure shall cease to be classified as non-performing for the purposes of point (m) of Article 36(1) where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure meets the exit criteria applied by the institution for the discontinuation of the classification as impaired in accordance with the applicable accounting framework and of the classification as defaulted in accordance with Article 178;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the situation of the obligor has improved to the extent that the institution is satisfied that full and timely repayment is likely to be made;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the obligor does not have any amount past due by more than 90 days.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The classification of a non-performing exposure as non-current asset held for sale in accordance with the applicable accounting framework shall not discontinue its classification as non-performing exposure for the purposes of point (m) of Article 36(1).</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">Non-performing exposures subject to forbearance measures shall cease to be classified as non-performing for the purposes of point (m) of Article 36(1) where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposures have ceased to be in a situation that would lead to their classification as non-performing under paragraph 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">at least one year has passed since the date on which the forbearance measures were granted and the date on which the exposures were classified as non-performing, whichever is later;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is no past-due amount following the forbearance measures and the institution, on the basis of the analysis of the obligor's financial situation, is satisfied about the likelihood of the full and timely repayment of the exposure.</p>
</div>
</div>
</div>
</div>
<p class="norm inline-element">Full and timely repayment may be considered likely where the obligor has executed regular and timely payments of amounts equal to either of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount that was past due before the forbearance measure was granted, where there were amounts past due;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount that has been written-off under the forbearance measures granted, where there were no amounts past due.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where a non-performing exposure has ceased to be classified as non-performing pursuant to paragraph 6, such exposure shall be under probation until all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">at least two years have passed since the date on which the exposure subject to forbearance measures was re-classified as performing;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">regular and timely payments have been made during at least half of the period that the exposure would be under probation, leading to the payment of a substantial aggregate amount of principal or interest;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">none of the exposures to the obligor is more than 30 days past due.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 47b -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Forbearance measure is a concession by an institution towards an obligor that is experiencing or is likely to experience difficulties in meeting its financial commitments. A concession may entail a loss for the lender and shall refer to either of the following actions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a modification of the terms and conditions of a debt obligation, where such modification would not have been granted had the obligor not experienced difficulties in meeting its financial commitments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a total or partial refinancing of a debt obligation, where such refinancing would not have been granted had the obligor not experienced difficulties in meeting its financial commitments.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">At least the following situations shall be considered forbearance measures:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">new contract terms are more favourable to the obligor than the previous contract terms, where the obligor is experiencing or is likely to experience difficulties in meeting its financial commitments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">new contract terms are more favourable to the obligor than contract terms offered by the same institution to obligors with a similar risk profile at that time, where the obligor is experiencing or is likely to experience difficulties in meeting its financial commitments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure under the initial contract terms was classified as non-performing before the modification to the contract terms or would have been classified as non-performing in the absence of modification to the contract terms;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the measure results in a total or partial cancellation of the debt obligation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution approves the exercise of clauses that enable the obligor to modify the terms of the contract and the exposure was classified as non-performing before the exercise of those clauses, or would be classified as non-performing were those clauses not exercised;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">at or close to the time of the granting of debt, the obligor made payments of principal or interest on another debt obligation with the same institution, which was classified as a non-performing exposure or would have been classified as non-performing in the absence of those payments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the modification to the contract terms involves repayments made by taking possession of collateral, where such modification constitutes a concession.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following circumstances are indicators that forbearance measures may have been adopted:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the initial contract was past due by more than 30 days at least once during the three months prior to its modification or would be more than 30 days past due without modification;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">at or close to the time of concluding the credit agreement, the obligor made payments of principal or interest on another debt obligation with the same institution that was past due by 30 days at least once during the three months prior to the granting of new debt;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution approves the exercise of clauses that enable the obligor to change the terms of the contract, and the exposure is 30 days past due or would be 30 days past due were those clauses not exercised.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purposes of this Article, the difficulties experienced by an obligor in meeting its financial commitments shall be assessed at obligor level, taking into account all the legal entities in the obligor's group which are included in the accounting consolidation of the group, and natural persons who control that group.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 47c -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (m) of Article 36(1), institutions shall determine the applicable amount of insufficient coverage separately for each non-performing exposure to be deducted from Common Equity Tier 1 items by subtracting the amount determined in point (b) of this paragraph from the amount determined in point (a) of this paragraph, where the amount referred to in point (a) exceeds the amount referred to in point (b):</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sum of:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the unsecured part of each non-performing exposure, if any, multiplied by the applicable factor referred to in paragraph 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the secured part of each non-performing exposure, if any, multiplied by the applicable factor referred to in paragraph 3;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sum of the following items provided they relate to the same non-performing exposure:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">specific credit risk adjustments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">additional value adjustments in accordance with Articles 34 and 105;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">other own funds reductions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for institutions calculating risk-weighted exposure amounts using the Internal Ratings Based Approach, the absolute value of the amounts deducted pursuant to point (d) of Article 36(1) which relate to non-performing exposures, where the absolute value attributable to each non-performing exposure is determined by multiplying the amounts deducted pursuant to point (d) of Article 36(1) by the contribution of the expected loss amount for the non-performing exposure to total expected loss amounts for defaulted or non-defaulted exposures, as applicable;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where a non-performing exposure is purchased at a price lower than the amount owed by the debtor, the difference between the purchase price and the amount owed by the debtor;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(vi) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">amounts written-off by the institution since the exposure was classified as non-performing.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<p class="norm">The secured part of a non-performing exposure is that part of the exposure which, for the purpose of calculating own funds requirements pursuant to Title II of Part Three, is considered to be covered by a funded credit protection or unfunded credit protection or fully and completely secured by mortgages.</p>
<p class="norm">The unsecured part of a non-performing exposure corresponds to the difference, if any, between the value of the exposure as referred to in Article 47a(1) and the secured part of the exposure, if any.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (a)(i) of paragraph 1, the following factors shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0,35 for the unsecured part of a non-performing exposure to be applied during the period between the first and the last day of the third year following its classification as non-performing;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">1 for the unsecured part of a non-performing exposure to be applied as of the first day of the fourth year following its classification as non-performing.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (a)(ii) of paragraph 1, the following factors shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0,25 for the secured part of a non-performing exposure to be applied during the period between the first and the last day of the fourth year following its classification as non-performing;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0,35 for the secured part of a non-performing exposure to be applied during the period between the first and the last day of the fifth year following its classification as non-performing;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0,55 for the secured part of a non-performing exposure to be applied during the period between the first and the last day of the sixth year following its classification as non-performing;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0,70 for the part of a non-performing exposure secured by immovable property pursuant to Title II of Part Three or that is a residential loan guaranteed by an eligible protection provider as referred to in Article 201, to be applied during the period between the first and the last day of the seventh year following its classification as non-performing;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0,80 for the part of a non-performing exposure secured by other funded or unfunded credit protection pursuant to Title II of Part Three to be applied during the period between the first and the last day of the seventh year following its classification as non-performing;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0,80 for the part of a non-performing exposure secured by immovable property pursuant to Title II of Part Three or that is a residential loan guaranteed by an eligible protection provider as referred to in Article 201, to be applied during the period between the first and the last day of the eighth year following its classification as non-performing;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">1 for the part of a non-performing exposure secured by other funded or unfunded credit protection pursuant to Title II of Part Three to be applied as of the first day of the eighth year following its classification as non-performing;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0,85 for the part of a non-performing exposure secured by immovable property pursuant to Title II of Part Three or that is a residential loan guaranteed by an eligible protection provider as referred to in Article 201, to be applied during the period between the first and the last day of the ninth year following its classification as non-performing;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">1 for the part of a non-performing exposure secured by immovable property pursuant to Title II of Part Three or that is a residential loan guaranteed by an eligible protection provider as referred to in Article 201, to be applied as of the first day of the tenth year following its classification as non-performing.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">By way of derogation from paragraph 3 of this Article, the following factors shall apply to the part of the non-performing exposure guaranteed or insured by an official export credit agency or guaranteed or counter-guaranteed by an eligible protection provider referred to in points (a) to (e) of Article 201(1), unsecured exposures to which would be assigned a risk weight of 0 % under Chapter 2 of Title II of Part Three:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0 for the secured part of the non-performing exposure to be applied during the period between one year and seven years following its classification as non-performing; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">1 for the secured part of the non-performing exposure to be applied as of the first day of the eighth year following its classification as non-performing.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">EBA shall assess the range of practices applied for the valuation of secured non-performing exposures and may develop guidelines to specify a common methodology, including possible minimum requirements for re-valuation in terms of timing and ad hoc methods, for the prudential valuation of eligible forms of funded and unfunded credit protection, in particular regarding assumptions pertaining to their recoverability and enforceability. Those guidelines may also include a common methodology for the determination of the secured part of a non-performing exposure, as referred to in paragraph 1.</div>
</div>
<p class="norm">Those guidelines shall be issued in accordance with Article 16 of Regulation (EU) No 1093/2010.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">By way of derogation from paragraph 2, where an exposure has, between one year and two years following its classification as non-performing, been granted a forbearance measure, the factor applicable in accordance with paragraph 2 on the date on which the forbearance measure is granted shall be applicable for an additional period of one year.</div>
</div>
<p class="norm">By way of derogation from paragraph 3, where an exposure has, between two and six years following its classification as non-performing, been granted a forbearance measure, the factor applicable in accordance with paragraph 3 on the date on which the forbearance measure is granted shall be applicable for an additional period of one year.</p>
<p class="norm">This paragraph shall only apply in relation to the first forbearance measure that has been granted since the classification of the exposure as non-performing.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 2 -
Exemptions from and alternatives to deduction from Common Equity Tier 1 itemsArticle 48 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">In making the deductions required pursuant to points (c) and (i) of Article 36(1), institutions are not required to deduct the amounts of the items listed in points (a) and (b) of this paragraph which in aggregate are equal to or less than the threshold amount referred to in paragraph 2:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">deferred tax assets that are dependent on future profitability and arise from temporary differences, and in aggregate are equal to or less than 10 % of the Common Equity Tier 1 items of the institution calculated after applying the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Articles 32 to 35;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">points (a) to (h), points (k)(ii) to (v) and point (l) of Article 36(1), excluding deferred tax assets that rely on future profitability and arise from temporary differences.</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where an institution has a significant investment in a financial sector entity, the direct, indirect and synthetic holdings of that institution of the Common Equity Tier 1 instruments of those entities that in aggregate are equal to or less than 10 % of the Common Equity Tier 1 items of the institution calculated after applying the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Article 32 to 35;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">points (a) to (h), points (k)(ii) to (v) and point (l), of Article 36(1) excluding deferred tax assets that rely on future profitability and arise from temporary differences.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of paragraph 1, the threshold amount shall be equal to the amount referred to in point (a) of this paragraph multiplied by the percentage referred to in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the residual amount of Common Equity Tier 1 items after applying the adjustments and deductions in Articles 32 to 36 in full and without applying the threshold exemptions specified in this Article;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">17,65 %.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of paragraph 1, an institution shall determine the portion of deferred tax assets in the total amount of items that is not required to be deducted by dividing the amount specified in point (a) of this paragraph by the amount specified in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of deferred tax assets that are dependent on future profitability and arise from temporary differences, and in aggregate are equal to or less than 10 % of the Common Equity Tier 1 items of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sum of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount referred to in point (a);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of direct, indirect and synthetic holdings by the institution of the own funds instruments of financial sector entities in which the institution has a significant investment, and in aggregate are equal to or less than 10 % of the Common Equity Tier 1 items of the institution.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<p class="norm">The proportion of significant investments in the total amount of items that is not required to be deducted is equal to one minus the proportion referred to in the first subparagraph.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The amounts of the items that are not deducted pursuant to paragraph 1 shall be risk weighted at 250 %.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 49 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of calculating own funds on an individual basis, a sub-consolidated basis and a consolidated basis, where the competent authorities require or permit institutions to apply method 1, 2 or 3 of Annex I to Directive 2002/87/EC, the competent authorities may permit institutions not to deduct the holdings of own funds instruments of a financial sector entity in which the parent institution, parent financial holding company or parent mixed financial holding company or institution has a significant investment, provided that the conditions laid down in points (a) to (e) of this paragraph are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the financial sector entity is an insurance undertaking, a re-insurance undertaking or an insurance holding company;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">that insurance undertaking, re-insurance undertaking or insurance holding company is included in the same supplementary supervision under Directive 2002/87/EC as the parent institution, parent financial holding company or parent mixed financial holding company or institution that has the holding;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has received the prior permission of the competent authorities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">prior to granting the permission referred to in point (c), and on a continuing basis, the competent authorities are satisfied that the level of integrated management, risk management and internal control regarding the entities that would be included in the scope of consolidation under method 1, 2 or 3 is adequate;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the holdings in the entity belong to one of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent credit institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent financial holding company;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent mixed financial holding company;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a subsidiary of one of the entities referred to in points (i) to (iv) that is included in the scope of consolidation pursuant to Chapter 2 of Title II of Part One.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<p class="norm">The method chosen shall be applied in a consistent manner over time.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of calculating own funds on an individual basis and a sub-consolidated basis, institutions subject to supervision on a consolidated basis in accordance with Chapter 2 of Title II of Part One shall not deduct holdings of own funds instruments issued by financial sector entities included in the scope of consolidated supervision, unless the competent authorities determine those deductions to be required for specific purposes, in particular structural separation of banking activities and resolution planning.</div>
</div>
<p class="norm">Applying the approach referred to in the first subparagraph shall not entail disproportionate adverse effects on the whole or parts of the financial system in other Member States or in the Union as a whole forming or creating an obstacle to the functioning of the internal market.</p>
<p class="norm">This paragraph shall not apply when calculating own funds for the purposes of the requirements laid down in Articles 92a and 92b, which shall be calculated in accordance with the deduction framework set out in Article 72e(4).</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities may, for the purposes of calculating own funds on an individual or sub-consolidated basis permit institutions not to deduct holdings of own funds instruments in the following cases:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where an institution has a holding in another institution and the conditions referred to in points (i) to (v) are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institutions fall within the same institutional protection scheme referred to in Article 113(7);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the competent authorities have granted the permission referred to in Article 113(7);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions laid down in Article 113(7) are satisfied;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institutional protection scheme draws up a consolidated balance sheet referred to in point (e) of Article 113(7) or, where it is not required to draw up consolidated accounts, an extended aggregated calculation that is, to the satisfaction of the competent authorities, equivalent to the provisions of Directive 86/635/EEC, which incorporates certain adaptations of the provisions of Directive 83/349/EEC or of Regulation (EC) No 1606/2002, governing the consolidated accounts of groups of credit institutions. The equivalence of that extended aggregated calculation shall be verified by an external auditor and in particular that the multiple use of elements eligible for the calculation of own funds as well as any inappropriate creation of own funds between the members of the institutional protection scheme is eliminated in the calculation. <span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R0876" onclick="window.open(this.href,'_blank'); return false;" title="32019R0876: REPLACED">
<span class="boldface">►M8</span>
</a>
</span> The consolidated balance sheet or the extended aggregated calculation shall be reported to the competent authorities with the frequency set out in the implementing technical standards referred to in Article 430(7)<span class="boldface"> ◄ </span>;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R0876" onclick="window.open(this.href,'_blank'); return false;" title="32019R0876: REPLACED">
<span class="boldface">►M8</span>
</a>
</span> the institutions included in an institutional protection scheme meet together on a consolidated or extended aggregated basis the requirements laid down in Article 92 and carry out reporting of compliance with those requirements in accordance with Article 430.<span class="boldface"> ◄ </span> Within an institutional protection scheme the deduction of the interest owned by co-operative members or legal entities, which are not members of the institutional protection scheme, is not required, provided that the multiple use of elements eligible for the calculation of own funds as well as any inappropriate creation of own funds between the members of the institutional protection scheme and the minority shareholder, when it is an institution, is eliminated.</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where a regional credit institution has a holding in its central or another regional credit institution and the conditions laid down in points (a)(i) to (v) are met.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The holdings in respect of which deduction is not made in accordance with paragraph 1, 2 or 3 shall qualify as exposures and shall be risk weighted in accordance with Chapter 2 or 3 of Title II of Part Three, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Where an institution applies method 1, 2 or 3 of Annex I to Directive 2002/87/EC, the institution shall disclose the supplementary own funds requirement and capital adequacy ratio of the financial conglomerate as calculated in accordance with Article 6 of and Annex I to that Directive.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">EBA, EIOPA and the European Supervisory Authority (European Securities and Markets Authority) (ESMA) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 (<a href="#E0018" id="src.E0018">
<span class="superscript">18</span>
</a>) shall, through the Joint Committee, develop draft regulatory technical standards to specify for the purposes of this Article the conditions of application of the calculation methods listed in Annex I, Part II of Directive 2002/87/EC for the purposes of the alternatives to deduction referred to in paragraph 1 of this Article.</div>
</div>
<p class="norm">EBA, EIOPA and ESMA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010 respectively.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 4 -
Common Equity Tier 1 capitalArticle 50 -
<p class="norm">The Common Equity Tier 1 capital of an institution shall consist of Common Equity Tier 1 items after the application of the adjustments required by Articles 32 to 35, the deductions pursuant to Article 36 and the exemptions and alternatives laid down in Articles 48, 49 and 79.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 3 -
Additional Tier 1 capitalSection 1 -
Additional Tier 1 items and instrumentsArticle 51 -
<p class="norm">Additional Tier 1 items shall consist of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">capital instruments, where the conditions laid down in Article 52(1) are met;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the share premium accounts related to the instruments referred to in point (a).</p>
</div>
</div>
<p class="norm">Instruments included under point (a) shall not qualify as Common Equity Tier 1 or Tier 2 items.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 52 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Capital instruments shall qualify as Additional Tier 1 instruments only if the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are directly issued by an institution and fully paid up;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are not owned by any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an undertaking in which the institution has a participation in the form of ownership, direct or by way of control, of 20 % or more of the voting rights or capital of that undertaking;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the acquisition of ownership of the instruments is not funded directly or indirectly by the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments rank below Tier 2 instruments in the event of the insolvency of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are neither secured nor subject to a guarantee that enhances the seniority of the claims by any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent undertaking of the institution or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent financial holding company or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the mixed activity holding company or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the mixed financial holding company or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(vi) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any undertaking that has close links with entities referred to in points (i) to (v);</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are not subject to any arrangement, contractual or otherwise, that enhances the seniority of the claim under the instruments in insolvency or liquidation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are perpetual and the provisions governing them include no incentive for the institution to redeem them;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the instruments include one or more early redemption options including call options, the options are exercisable at the sole discretion of the issuer;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments may be called, redeemed or repurchased only where the conditions laid down in Article 77 are met, and not before five years after the date of issuance except where the conditions laid down in Article 78(4) are met;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the provisions governing the instruments do not indicate explicitly or implicitly that the instruments would be called, redeemed or repurchased, as applicable, by the institution other than in the case of the insolvency or liquidation of the institution and the institution does not otherwise provide such an indication;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution does not indicate explicitly or implicitly that the competent authority would consent to a request to call, redeem or repurchase the instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">distributions under the instruments meet the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are paid out of distributable items;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the level of distributions made on the instruments will not be amended on the basis of the credit standing of the institution or its parent undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the provisions governing the instruments give the institution full discretion at all times to cancel the distributions on the instruments for an unlimited period and on a non-cumulative basis, and the institution may use such cancelled payments without restriction to meet its obligations as they fall due;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">cancellation of distributions does not constitute an event of default of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the cancellation of distributions imposes no restrictions on the institution;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(m) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments do not contribute to a determination that the liabilities of an institution exceed its assets, where such a determination constitutes a test of insolvency under applicable national law;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(n) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the provisions governing the instruments require that, upon the occurrence of a trigger event, the principal amount of the instruments be written down on a permanent or temporary basis or the instruments be converted to Common Equity Tier 1 instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(o) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the provisions governing the instruments include no feature that could hinder the recapitalisation of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(p) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the issuer is established in a third country and has been designated in accordance with Article 12 of Directive 2014/59/EU as part of a resolution group the resolution entity of which is established in the Union or where the issuer is established in a Member State, the law or contractual provisions governing the instruments require that, upon a decision by the resolution authority to exercise the write-down and conversion powers referred to in Article 59 of that Directive, the principal amount of the instruments is to be written down on a permanent basis or the instruments are to be converted to Common Equity Tier 1 instruments;</p>
<p class="list">where the issuer is established in a third country and has not been designated in accordance with Article 12 of Directive 2014/59/EU as part of a resolution group the resolution entity of which is established in the Union, the law or contractual provisions governing the instruments require that, upon a decision by the relevant third-country authority, the principal amount of the instruments is to be written down on a permanent basis or the instruments are to be converted into Common Equity Tier 1 instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(q) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the issuer is established in a third country and has been designated in accordance with Article 12 of Directive 2014/59/EU as part of a resolution group the resolution entity of which is established in the Union or where the issuer is established in a Member State, the instruments may only be issued under, or be otherwise subject to the laws of a third country where, under those laws, the exercise of the write-down and conversion powers referred to in Article 59 of that Directive is effective and enforceable on the basis of statutory provisions or legally enforceable contractual provisions that recognise resolution or other write-down or conversion actions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(r) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are not subject to set-off or netting arrangements that would undermine their capacity to absorb losses.</p>
</div>
</div>
</div>
</div>
<p class="norm">The condition set out in point (d) of the first subparagraph shall be deemed to be met notwithstanding the fact that the instruments are included in Additional Tier 1 or Tier 2 by virtue of Article 484(3), provided that they rank pari passu.</p>
<p class="norm">For the purposes of point (a) of the first subparagraph, only the part of a capital instrument that is fully paid up shall be eligible to qualify as an Additional Tier 1 instrument.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify all the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the form and nature of incentives to redeem;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the nature of any write up of the principal amount of an Additional Tier 1 instrument following a write down of its principal amount on a temporary basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the procedures and timing for the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">determining that a trigger event has occurred;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">writing up the principal amount of an Additional Tier 1 instrument following a write down of its principal amount on a temporary basis;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">features of instruments that could hinder the recapitalisation of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the use of special purpose entities for indirect issuance of own funds instruments.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 53 -
<p class="norm">For the purposes of points (l)(v) and (o) of Article 52(1), the provisions governing Additional Tier 1 instruments shall, in particular, not include the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a requirement for distributions on the instruments to be made in the event of a distribution being made on an instrument issued by the institution that ranks to the same degree as, or more junior than, an Additional Tier 1 instrument, including a Common Equity Tier 1 instrument;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a requirement for the payment of distributions on Common Equity Tier 1, Additional Tier 1 or Tier 2 instruments to be cancelled in the event that distributions are not made on those Additional Tier 1 instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an obligation to substitute the payment of interest or dividend by a payment in any other form. The institution shall not otherwise be subject to such an obligation.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 54 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (n) of Article 52(1), the following provisions shall apply to Additional Tier 1 instruments:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a trigger event occurs when the Common Equity Tier 1 capital ratio of the institution referred to in point (a) of Article 92(1) falls below either of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">5,125 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a level higher than 5,125 %, where determined by the institution and specified in the provisions governing the instrument;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions may specify in the provisions governing the instrument one or more trigger events in addition to that referred to in point (a);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the provisions governing the instruments require them to be converted into Common Equity Tier 1 instruments upon the occurrence of a trigger event, those provisions shall specify either of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the rate of such conversion and a limit on the permitted amount of conversion;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a range within which the instruments will convert into Common Equity Tier 1 instruments;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the provisions governing the instruments require their principal amount to be written down upon the occurrence of a trigger event, the write down shall reduce all the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the claim of the holder of the instrument in the insolvency or liquidation of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount required to be paid in the event of the call or redemption of the instrument;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the distributions made on the instrument;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the Additional Tier 1 instruments have been issued by a subsidiary undertaking established in a third country, the 5,125 % or higher trigger referred to in point (a) shall be calculated in accordance with the national law of that third country or contractual provisions governing the instruments, provided that the competent authority, after consulting EBA, is satisfied that those provisions are at least equivalent to the requirements set out in this Article.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Write down or conversion of an Additional Tier 1 instrument shall, under the applicable accounting framework, generate items that qualify as Common Equity Tier 1 items.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The amount of Additional Tier 1 instruments recognised in Additional Tier 1 items is limited to the minimum amount of Common Equity Tier 1 items that would be generated if the principal amount of the Additional Tier 1 instruments were fully written down or converted into Common Equity Tier 1 instruments.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">The aggregate amount of Additional Tier 1 instruments that is required to be written down or converted upon the occurrence of a trigger event shall be no less than the lower of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount required to restore fully the Common Equity Tier 1 ratio of the institution to 5,125 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the full principal amount of the instrument.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">When a trigger event occurs institutions shall do the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">immediately inform the competent authorities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">inform the holders of the Additional Tier 1 instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">write down the principal amount of the instruments, or convert the instruments into Common Equity Tier 1 instruments without delay, but no later than within one month, in accordance with the requirement laid down in this Article.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">An institution issuing Additional Tier 1 instruments that convert to Common Equity Tier 1 on the occurrence of a trigger event shall ensure that its authorised share capital is at all times sufficient, for converting all such convertible Additional Tier 1 instruments into shares if a trigger event occurs. All necessary authorisations shall be obtained at the date of issuance of such convertible Additional Tier 1 instruments. The institution shall maintain at all times the necessary prior authorisation to issue the Common Equity Tier 1 instruments into which such Additional Tier 1 instruments would convert upon occurrence of a trigger event.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">An institution issuing Additional Tier 1 instruments that convert to Common Equity Tier 1 on the occurrence of a trigger event shall ensure that there are no procedural impediments to that conversion by virtue of its incorporation or statutes or contractual arrangements.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 55 -
<p class="norm">The following shall apply where, in the case of an Additional Tier 1 instrument, the conditions laid down in Article 52(1) cease to be met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">that instrument shall immediately cease to qualify as an Additional Tier 1 instrument;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the part of the share premium accounts that relates to that instrument shall immediately cease to qualify as an Additional Tier 1 item.</p>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
Deductions from Additional Tier 1 itemsArticle 56 -
<p class="norm">Institutions shall deduct the following from Additional Tier 1 items:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">direct, indirect and synthetic holdings by an institution of own Additional Tier 1 instruments, including own Additional Tier 1 instruments that an institution could be obliged to purchase as a result of existing contractual obligations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">direct, indirect and synthetic holdings of the Additional Tier 1 instruments of financial sector entities with which the institution has reciprocal cross holdings that the competent authority considers to have been designed to inflate artificially the own funds of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the applicable amount determined in accordance with Article 60 of direct, indirect and synthetic holdings of the Additional Tier 1 instruments of financial sector entities, where an institution does not have a significant investment in those entities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">direct, indirect and synthetic holdings by the institution of the Additional Tier 1 instruments of financial sector entities where the institution has a significant investment in those entities, excluding underwriting positions held for five working days or fewer;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of items required to be deducted from Tier 2 items pursuant to Article 66 that exceeds the Tier 2 items of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any tax charge relating to Additional Tier 1 items foreseeable at the moment of its calculation, except where the institution suitably adjusts the amount of Additional Tier 1 items insofar as such tax charges reduce the amount up to which those items may be applied to cover risks or losses.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 57 -
<p class="norm">For the purposes of point (a) of Article 56, institutions shall calculate holdings of own Additional Tier 1 instruments on the basis of gross long positions subject to the following exceptions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions may calculate the amount of holdings of own Additional Tier 1 instruments on the basis of the net long position provided that both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the long and short positions are in the same underlying exposure and the short positions involve no counterparty risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the long and the short positions are held in the trading book or both are held in the non-trading book;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall determine the amount to be deducted for direct, indirect or synthetic holdings of index securities by calculating the underlying exposure to own Additional Tier 1 instruments in those indices;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions may net gross long positions in own Additional Tier 1 instruments resulting from holdings of index securities against short positions in own Additional Tier 1 instruments resulting from short positions in the underlying indices, including where those short positions involve counterparty risk, provided that both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the long and short positions are in the same underlying indices;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the long and the short positions are held in the trading book or both are held in the non-trading book;</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 58 -
<p class="norm">Institutions shall make the deductions required by points (b), (c) and (d) of Article 56 in accordance with the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">holdings of Additional Tier 1 instruments shall be calculated on the basis of the gross long positions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Additional Tier 1 own-fund insurance items shall be treated as holdings of Additional Tier 1 instruments for the purposes of deduction.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 59 -
<p class="norm">Institutions shall make the deductions required by points (c) and (d) of Article 56 in accordance with the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they may calculate direct, indirect and synthetic holdings of Additional Tier 1 instruments of the financial sector entities on the basis of the net long position in the same underlying exposure provided that both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the maturity date of the short position is either the same as, or later than the maturity date of the long position or the residual maturity of the short position is at least one year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the short position and the long position are held in the trading book or both are held in the non-trading book.</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall determine the amount to be deducted for direct, indirect and synthetic holdings of index securities by calculating the underlying exposure to the capital instruments of the financial sector entities in those indices.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 60 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (c) of Article 56, institutions shall calculate the applicable amount to be deducted by multiplying the amount referred to in point (a) of this paragraph by the factor derived from the calculation referred to in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the aggregate amount by which the direct, indirect and synthetic holdings by the institution of the Common Equity Tier 1, Additional Tier 1 and Tier 2 instruments of financial sector entities in which the institution does not have a significant investment exceeds 10 % of the Common Equity Tier 1 items of the institution calculated after applying the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Article 32 to 35;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">points (a) to (g), points (k)(ii) to (v) and point (l) of Article 36(1), excluding deferred tax assets that rely on future profitability and arise from temporary differences;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Articles 44 and 45;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of direct, indirect and synthetic holdings by the institution of the Additional Tier 1 instruments of those financial sector entities in which the institution does not have a significant investment divided by the aggregate amount of all direct, indirect and synthetic holdings by the institution of the Common Equity Tier 1, Additional Tier 1 and Tier 2 instruments of those financial sector entities.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall exclude underwriting positions held for five working days or fewer from the amount referred to in point (a) of paragraph 1 and from the calculation of the factor referred to in point (b) of paragraph 1.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The amount to be deducted pursuant to paragraph 1 shall be apportioned across all Additional Tier 1 instruments held. Institutions shall determine the amount of each Additional Tier 1 instrument to be deducted pursuant to paragraph 1 by multiplying the amount specified in point (a) of this paragraph by the proportion specified in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of holdings required to be deducted pursuant to paragraph 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the proportion of the aggregate amount of direct, indirect and synthetic holdings by the institution of the Additional Tier 1 instruments of financial sector entities in which the institution does not have a significant investment represented by each Additional Tier 1 instrument held.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The amount of holdings referred to in point (c) of Article 56 that is equal to or less than 10 % of the Common Equity Tier 1 items of the institution after applying the provisions laid down in points (a)(i), (ii) and (iii) of paragraph 1 shall not be deducted and shall be subject to the applicable risk weights in accordance with Chapter 2 or 3 of Title II of Part Three and the requirements laid down in Title IV of Part Three, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall determine the amount of each Additional Tier 1 instrument that is risk weighted pursuant to paragraph 4 by multiplying the amount specified in point (a) of this paragraph by the amount specified in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of holdings required to be risk weighted pursuant to paragraph 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the proportion resulting from the calculation in point (b) of paragraph 3.</p>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 3 -
Additional Tier 1 capitalArticle 61 -
<p class="norm">The Additional Tier 1 capital of an institution shall consist of Additional Tier 1 items after the deduction of the items referred to in Article 56 and the application of Article 79.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 4 -
Tier 2 capitalSection 1 -
Tier 2 items and instrumentsArticle 62 -
<p class="norm">Tier 2 items shall consist of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">capital instruments where the conditions set out in Article 63 are met, and to the extent specified in Article 64;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the share premium accounts related to instruments referred to in point (a);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for institutions calculating risk-weighted exposure amounts in accordance with Chapter 2 of Title II of Part Three, general credit risk adjustments, gross of tax effects, of up to 1,25 % of risk-weighted exposure amounts calculated in accordance with Chapter 2 of Title II of Part Three;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for institutions calculating risk-weighted exposure amounts under Chapter 3 of Title II of Part Three, positive amounts, gross of tax effects, resulting from the calculation laid down in Articles 158 and 159 up to 0,6 % of risk-weighted exposure amounts calculated under Chapter 3 of Title II of Part Three.</p>
</div>
</div>
<p class="norm">Items included under point (a) shall not qualify as Common Equity Tier 1 or Additional Tier 1 items.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 63 -
<p class="norm">Capital instruments shall qualify as Tier 2 instruments, provided that the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are directly issued by an institution and fully paid up;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are not owned by any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an undertaking in which the institution has participation in the form of ownership, direct or by way of control, of 20 % or more of the voting rights or capital of that undertaking;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the acquisition of ownership of the instruments is not funded directly or indirectly by the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the claim on the principal amount of the instruments under the provisions governing the instruments ranks below any claim from eligible liabilities instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are not secured or are not subject to a guarantee that enhances the seniority of the claim by any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent undertaking of the institution or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent financial holding company or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the mixed activity holding company or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the mixed financial holding company or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(vi) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any undertaking that has close links with entities referred to in points (i) to (v);</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are not subject to any arrangement that otherwise enhances the seniority of the claim under the instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments have an original maturity of at least five years;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the provisions governing the instruments do not include any incentive for their principal amount to be redeemed or repaid, as applicable by the institution prior to their maturity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the instruments include one or more early repayment options, including call options, the options are exercisable at the sole discretion of the issuer;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments may be called, redeemed, repaid or repurchased early only where the conditions set out in Article 77 are met, and not before five years after the date of issuance, except where the conditions set out in Article 78(4) are met;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the provisions governing the instruments do not indicate explicitly or implicitly that the instruments would be called, redeemed, repaid or repurchased early, as applicable, by the institution other than in the case of the insolvency or liquidation of the institution and the institution does not otherwise provide such an indication;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the provisions governing the instruments do not give the holder the right to accelerate the future scheduled payment of interest or principal, other than in the case of the insolvency or liquidation of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(m) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the level of interest or dividends payments, as applicable, due on the instruments will not be amended on the basis of the credit standing of the institution or its parent undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(n) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the issuer is established in a third country and has been designated in accordance with Article 12 of Directive 2014/59/EU as part of a resolution group the resolution entity of which is established in the Union or where the issuer is established in a Member State, the law or contractual provisions governing the instruments require that, upon a decision by the resolution authority to exercise the write-down and conversion powers referred to in Article 59 of that Directive, the principal amount of the instruments is to be written down on a permanent basis or the instruments are to be converted to Common Equity Tier 1 instruments;</p>
<p class="list">where the issuer is established in a third country and has not been designated in accordance with Article 12 of Directive 2014/59/EU as a part of a resolution group the resolution entity of which is established in the Union, the law or contractual provisions governing the instruments require that, upon a decision by the relevant third-country authority, the principal amount of the instruments is to be written down on a permanent basis or the instruments are to be converted into Common Equity Tier 1 instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(o) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the issuer is established in a third country and has been designated in accordance with Article 12 of Directive 2014/59/EU as part of a resolution group the resolution entity of which is established in the Union or where the issuer is established in a Member State, the instruments may only be issued under, or be otherwise subject to the laws of a third country where, under those laws, the exercise of the write-down and conversion powers referred to in Article 59 of that Directive is effective and enforceable on the basis of statutory provisions or legally enforceable contractual provisions that recognise resolution or other write-down or conversion actions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(p) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are not subject to set-off or netting arrangements that would undermine their capacity to absorb losses.</p>
</div>
</div>
<p class="norm">For the purposes of point (a) of the first paragraph, only the part of the capital instrument that is fully paid up shall be eligible to qualify as a Tier 2 instrument.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 64 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The full amount of Tier 2 instruments with a residual maturity of more than five years shall qualify as Tier 2 items.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The extent to which Tier 2 instruments qualify as Tier 2 items during the final five years of maturity of the instruments is calculated by multiplying the result derived from the calculation referred to in point (a) by the amount referred to in point (b) as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the carrying amount of the instruments on the first day of the final five-year period of their contractual maturity divided by the number of days in that period;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the number of remaining days of contractual maturity of the instruments.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 65 -
<p class="norm">Where in the case of a Tier 2 instrument the conditions laid down in Article 63 cease to be met, the following shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">that instrument shall immediately cease to qualify as a Tier 2 instrument;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the part of the share premium accounts that relate to that instrument shall immediately cease to qualify as Tier 2 items.</p>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
Deductions from Tier 2 itemsArticle 66 -
<p class="norm">The following shall be deducted from Tier 2 items:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">direct, indirect and synthetic holdings by an institution of own Tier 2 instruments, including own Tier 2 instruments that an institution could be obliged to purchase as a result of existing contractual obligations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">direct, indirect and synthetic holdings of the Tier 2 instruments of financial sector entities with which the institution has reciprocal cross holdings that the competent authority considers to have been designed to inflate artificially the own funds of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the applicable amount determined in accordance with Article 70 of direct, indirect and synthetic holdings of the Tier 2 instruments of financial sector entities, where an institution does not have a significant investment in those entities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">direct, indirect and synthetic holdings by the institution of the Tier 2 instruments of financial sector entities where the institution has a significant investment in those entities, excluding underwriting positions held for fewer than five working days;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of items required to be deducted from eligible liabilities items pursuant to Article 72e that exceeds the eligible liabilities items of the institution.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 67 -
<p class="norm">For the purposes of point (a) of Article 66, institutions shall calculate holdings on the basis of the gross long positions subject to the following exceptions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions may calculate the amount of holdings on the basis of the net long position provided that both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the long and short positions are in the same underlying exposure and the short positions involve no counterparty risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the long and the short positions are held in the trading book or both are held in the non-trading book;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall determine the amount to be deducted for direct, indirect and synthetic holdings of index securities by calculating the underlying exposure to own Tier 2 instruments in those indices;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions may net gross long positions in own Tier 2 instruments resulting from holdings of index securities against short positions in own Tier 2 instruments resulting from short positions in the underlying indices, including where those short positions involve counterparty risk, provided that both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the long and short positions are in the same underlying indices;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the long and the short positions are held in the trading book or both are held in the non-trading book.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 68 -
<p class="norm">Institutions shall make the deductions required by points (b), (c) and (d) of Article 66 in accordance with the following provisions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">holdings of Tier 2 instruments shall be calculated on the basis of the gross long positions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">holdings of Tier 2 own-fund insurance items and Tier 3 own-fund insurance items shall be treated as holdings of Tier 2 instruments for the purposes of deduction.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 69 -
<p class="norm">Institutions shall make the deductions required by points (c) and (d) of Article 66 in accordance with the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they may calculate direct, indirect and synthetic holdings of Tier 2 instruments of the financial sector entities on the basis of the net long position in the same underlying exposure provided that both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the maturity date of the short position is either the same as, or later than the maturity date of the long position or the residual maturity of the short position is at least one year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the long position and the short position are held in the trading book or both are held in the non-trading book;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall determine the amount to be deducted for direct, indirect and synthetic holdings of index securities by looking through to the underlying exposure to the capital instruments of the financial sector entities in those indices.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 70 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (c) of Article 66, institutions shall calculate the applicable amount to be deducted by multiplying the amount referred to in point (a) of this paragraph by the factor derived from the calculation referred to in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the aggregate amount by which the direct, indirect and synthetic holdings by the institution of the Common Equity Tier 1, Additional Tier 1 and Tier 2 instruments of financial sector entities in which the institution does not have a significant investment exceeds 10 % of the Common Equity Tier 1 items of the institution calculated after applying the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Articles 32 to 35;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">points (a) to (g), points (k)(ii) to (v) and point (l) of Article 36(1), excluding the amount to be deducted for deferred tax assets that rely on future profitability and arise from temporary differences;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Articles 44 and 45;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of direct, indirect and synthetic holdings by the institution of the Tier 2 instruments of financial sector entities in which the institution does not have a significant investment divided by the aggregate amount of all direct, indirect and synthetic holdings by the institution of the Common Equity Tier 1, Additional Tier 1 and Tier 2 instruments of those financial sector entities.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall exclude underwriting positions held for five working days or fewer from the amount referred to in point (a) of paragraph 1 and from the calculation of the factor referred to in point (b) of paragraph 1.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The amount to be deducted pursuant to paragraph 1 shall be apportioned across each Tier 2 instrument held. Institutions shall determine the amount to be deducted from each Tier 2 instrument that is deducted pursuant to paragraph 1 by multiplying the amount specified in point (a) of this paragraph by the proportion specified in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total amount of holdings required to be deducted pursuant to paragraph 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the proportion of the aggregate amount of direct, indirect and synthetic holdings by the institution of the Tier 2 instruments of financial sector entities in which the institution does not have a significant investment represented by each Tier 2 instrument held.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The amount of holdings referred to in point (c) of Article 66(1) that is equal to or less than 10 % of the Common Equity Tier 1 items of the institution after applying the provisions laid down in points (a)(i) to (iii) of paragraph 1 shall not be deducted and shall be subject to the applicable risk weights in accordance with Chapter 2 or 3 of Title II of Part Three and the requirements laid down in Title IV of Part Three, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall determine the amount of each Tier 2 instrument that is risk weighted pursuant to paragraph 4 by multiplying the amount specified in point (a) of this paragraph by the amount specified in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of holdings required to be risk weighted pursuant to paragraph 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the proportion resulting from the calculation in point (b) of paragraph 3.</p>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 3 -
Tier 2 capitalArticle 71 -
<p class="norm">The Tier 2 capital of an institution shall consist of the Tier 2 items of the institution after the deductions referred to in Article 66 and the application of Article 79.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 5 -
Own fundsArticle 72 -
<p class="norm">The own funds of an institution shall consist of the sum of its Tier 1 capital and Tier 2 capital.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 5a -
Eligible liabilitiesSection 1 -
Eligible liabilities items and instrumentsArticle 72a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Eligible liabilities items shall consist of the following, unless they fall into any of the categories of excluded liabilities laid down in paragraph 2 of this Article, and to the extent specified in Article 72c:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">eligible liabilities instruments where the conditions set out in Article 72b are met, to the extent that they do not qualify as Common Equity Tier 1, Additional Tier 1 or Tier 2 items;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Tier 2 instruments with a residual maturity of at least one year, to the extent that they do not qualify as Tier 2 items in accordance with Article 64.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following liabilities shall be excluded from eligible liabilities items:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">covered deposits;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">sight deposits and short term deposits with an original maturity of less than one year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the part of eligible deposits from natural persons and micro, small and medium-sized enterprises which exceeds the coverage level referred to in Article 6 of Directive 2014/49/EU of the European Parliament and of the Council (<a href="#E0019" id="src.E0019">
<span class="superscript">19</span>
</a>);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">deposits that would be eligible deposits from natural persons, micro, small and medium–sized enterprises if they were not made through branches located outside the Union of institutions established in the Union;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">secured liabilities, including covered bonds and liabilities in the form of financial instruments used for hedging purposes that form an integral part of the cover pool and that in accordance with national law are secured in a manner similar to covered bonds, provided that all secured assets relating to a covered bond cover pool remain unaffected, segregated and with enough funding and excluding any part of a secured liability or a liability for which collateral has been pledged that exceeds the value of the assets, pledge, lien or collateral against which it is secured;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any liability that arises by virtue of the holding of client assets or client money including client assets or client money held on behalf of collective investment undertakings, provided that such a client is protected under the applicable insolvency law;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any liability that arises by virtue of a fiduciary relationship between the resolution entity or any of its subsidiaries (as fiduciary) and another person (as beneficiary), provided that such a beneficiary is protected under the applicable insolvency or civil law;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">liabilities to institutions, excluding liabilities to entities that are part of the same group, with an original maturity of less than seven days;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">liabilities with a remaining maturity of less than seven days, owed to:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">systems or system operators designated in accordance with Directive 98/26/EC of the European Parliament and of the Council (<a href="#E0020" id="src.E0020">
<span class="superscript">20</span>
</a>);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">participants in a system designated in accordance with Directive 98/26/EC and arising from the participation in such a system; or</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">third-country CCPs recognised in accordance with Article 25 of Regulation (EU) No 648/2012;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a liability to any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an employee in relation to accrued salary, pension benefits or other fixed remuneration, except for the variable component of the remuneration that is not regulated by a collective bargaining agreement, and except for the variable component of the remuneration of material risk takers as referred to in Article 92(2) of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a commercial or trade creditor where the liability arises from the provision to the institution or the parent undertaking of goods or services that are critical to the daily functioning of the institution's or parent undertaking's operations, including IT services, utilities and the rental, servicing and upkeep of premises;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">tax and social security authorities, provided that those liabilities are preferred under the applicable law;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">deposit guarantee schemes where the liability arises from contributions due in accordance with Directive 2014/49/EU;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">liabilities arising from derivatives;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">liabilities arising from debt instruments with embedded derivatives.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of point (l) of the first subparagraph, debt instruments containing early redemption options exercisable at the discretion of the issuer or of the holder, and debt instruments with variable interests derived from a broadly used reference rate such as Euribor or Libor, shall not be considered as debt instruments with embedded derivatives solely because of such features.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 72b -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Liabilities shall qualify as eligible liabilities instruments, provided that they comply with the conditions set out in this Article and only to the extent specified in this Article.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Liabilities shall qualify as eligible liabilities instruments, provided that all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the liabilities are directly issued or raised, as applicable, by an institution and are fully paid up;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the liabilities are not owned by any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution or an entity included in the same resolution group;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an undertaking in which the institution has a direct or indirect participation in the form of ownership, direct or by way of control, of 20 % or more of the voting rights or capital of that undertaking;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the acquisition of ownership of the liabilities is not funded directly or indirectly by the resolution entity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the claim on the principal amount of the liabilities under the provisions governing the instruments is wholly subordinated to claims arising from the excluded liabilities referred to in Article 72a(2); that subordination requirement shall be considered to be met in any of the following situations:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the contractual provisions governing the liabilities specify that in the event of normal insolvency proceedings as defined in point (47) of Article 2(1) of Directive 2014/59/EU, the claim on the principal amount of the instruments ranks below claims arising from any of the excluded liabilities referred to in Article 72a(2) of this Regulation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the applicable law specifies that in the event of normal insolvency proceedings as defined in point (47) of Article 2(1) of Directive 2014/59/EU, the claim on the principal amount of the instruments ranks below claims arising from any of the excluded liabilities referred to in Article 72a(2) of this Regulation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments are issued by a resolution entity which does not have on its balance sheet any excluded liabilities as referred to in Article 72a(2) of this Regulation that rank <span class="italics">pari passu</span> or junior to eligible liabilities instruments;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the liabilities are neither secured, nor subject to a guarantee or any other arrangement that enhances the seniority of the claim by any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the parent undertaking of the institution or its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any undertaking that has close links with entities referred to in points (i) and (ii);</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the liabilities are not subject to set-off or netting arrangements that would undermine their capacity to absorb losses in resolution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the provisions governing the liabilities do not include any incentive for their principal amount to be called, redeemed or repurchased prior to their maturity or repaid early by the institution, as applicable, except in the cases referred to in Article 72c(3);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the liabilities are not redeemable by the holders of the instruments prior to their maturity, except in the cases referred to in Article 72c(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">subject to Article 72c(3) and (4), where the liabilities include one or more early repayment options, including call options, the options are exercisable at the sole discretion of the issuer, except in the cases referred to in Article 72c(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the liabilities may only be called, redeemed, repaid or repurchased early where the conditions set out in Articles 77 and 78a are met;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the provisions governing the liabilities do not indicate explicitly or implicitly that the liabilities would be called, redeemed, repaid or repurchased early, as applicable by the resolution entity other than in the case of the insolvency or liquidation of the institution and the institution does not otherwise provide such an indication;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the provisions governing the liabilities do not give the holder the right to accelerate the future scheduled payment of interest or principal, other than in the case of the insolvency or liquidation of the resolution entity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(m) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the level of interest or dividend payments, as applicable, due on the liabilities is not amended on the basis of the credit standing of the resolution entity or its parent undertaking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(n) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for instruments issued after 28 June 2021 the relevant contractual documentation and, where applicable, the prospectus related to the issuance explicitly refer to the possible exercise of the write-down and conversion powers in accordance with Article 48 of Directive 2014/59/EU.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of point (a) of the first subparagraph, only the parts of liabilities that are fully paid up shall be eligible to qualify as eligible liabilities instruments.</p>
<p class="norm">For the purposes of point (d) of the first subparagraph of this Article, where some of the excluded liabilities referred to in Article 72a(2) are subordinated to ordinary unsecured claims under national insolvency law, inter alia, due to being held by a creditor who has close links with the debtor, by being or having been a shareholder, in a control or group relationship, a member of the management body or related to any of those persons, subordination shall not be assessed by reference to claims arising from such excluded liabilities.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">In addition to the liabilities referred to in paragraph 2 of this Article, the resolution authority may permit liabilities to qualify as eligible liabilities instruments up to an aggregate amount that does not exceed 3,5 % of the total risk exposure amount calculated in accordance with Article 92(3) and (4), provided that:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all the conditions set out in paragraph 2 except for the condition set out in point (d) of the first subparagraph of paragraph 2 are met;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the liabilities rank <span class="italics">pari passu</span> with the lowest ranking excluded liabilities referred to in Article 72a(2) with the exception of the excluded liabilities that are subordinated to ordinary unsecured claims under national insolvency law referred to in the third subparagraph of paragraph 2 of this Article; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the inclusion of those liabilities in eligible liabilities items would not give rise to a material risk of a successful legal challenge or of valid compensation claims as assessed by the resolution authority in relation to the principles referred to in point (g) of Article 34(1) and Article 75 of Directive 2014/59/EU.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">The resolution authority may permit liabilities to qualify as eligible liabilities instruments in addition to the liabilities referred to in paragraph 2, provided that:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution is not permitted to include in eligible liabilities items liabilities referred to in paragraph 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all the conditions set out in paragraph 2, except for the condition set out in point (d) of the first subparagraph of paragraph 2, are met;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the liabilities rank <span class="italics">pari passu</span> or are senior to the lowest ranking excluded liabilities referred to in Article 72a(2), with the exception of the excluded liabilities subordinated to ordinary unsecured claims under national insolvency law referred to in the third subparagraph of paragraph 2 of this Article;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">on the balance sheet of the institution, the amount of the excluded liabilities referred to in Article 72a(2) which rank <span class="italics">pari passu</span> or below those liabilities in insolvency does not exceed 5 % of the amount of the own funds and eligible liabilities of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the inclusion of those liabilities in eligible liabilities items would not give rise to a material risk of a successful legal challenge or of valid compensation claims as assessed by the resolution authority in relation to the principles referred to in point (g) of Article 34(1) and Article 75 of Directive 2014/59/EU.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The resolution authority may only permit an institution to include liabilities referred to either in paragraph 3 or 4 as eligible liabilities items.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">The resolution authority shall consult the competent authority when examining whether the conditions set out in this Article are fulfilled.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the applicable forms and nature of indirect funding of eligible liabilities instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the form and nature of incentives to redeem for the purposes of the condition set out in point (g) of the first subparagraph of paragraph 2 of this Article and Article 72c(3).</p>
</div>
</div>
</div>
</div>
<p class="norm">Those draft regulatory technical standards shall be fully aligned with the delegated act referred to in point (a) of Article 28(5) and in point (a) of Article 52(2).</p>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 December 2019.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 72c -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Eligible liabilities instruments with a residual maturity of at least one year shall fully qualify as eligible liabilities items.</div>
</div>
<p class="norm">Eligible liabilities instruments with a residual maturity of less than one year shall not qualify as eligible liabilities items.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of paragraph 1, where a eligible liabilities instrument includes a holder redemption option exercisable prior to the original stated maturity of the instrument, the maturity of the instrument shall be defined as the earliest possible date on which the holder can exercise the redemption option and request redemption or repayment of the instrument.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For the purposes of paragraph 1, where an eligible liabilities instrument includes an incentive for the issuer to call, redeem, repay or repurchase the instrument prior to the original stated maturity of the instrument, the maturity of the instrument shall be defined as the earliest possible date on which the issuer can exercise that option and request redemption or repayment of the instrument.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purposes of paragraph 1, where an eligible liabilities instrument includes early redemption options that are exercisable at the sole discretion of the issuer prior to the original stated maturity of the instrument, but where the provisions governing the instrument do not include any incentive for the instrument to be called, redeemed, repaid or repurchased prior to its maturity and do not include any option for redemption or repayment at the discretion of the holders, the maturity of the instrument shall be defined as the original stated maturity.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 72d -
<p class="norm">Where, in the case of an eligible liabilities instrument, the applicable conditions set out in Article 72b cease to be met, the liabilities shall immediately cease to qualify as eligible liabilities instruments.</p>
<p class="norm">Liabilities referred to in Article 72b(2) may continue to count as eligible liabilities instruments as long as they qualify as eligible liabilities instruments under Article 72b(3) or (4).</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
Deductions from eligible liabilities itemsArticle 72e -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions that are subject to Article 92a shall deduct the following from eligible liabilities items:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">direct, indirect and synthetic holdings by the institution of own eligible liabilities instruments, including own liabilities that that institution could be obliged to purchase as a result of existing contractual obligations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">direct, indirect and synthetic holdings by the institution of eligible liabilities instruments of G-SII entities with which the institution has reciprocal cross holdings that the competent authority considers to have been designed to artificially inflate the loss absorption and recapitalisation capacity of the resolution entity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the applicable amount determined in accordance with Article 72i of direct, indirect and synthetic holdings of eligible liabilities instruments of G-SII entities, where the institution does not have a significant investment in those entities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">direct, indirect and synthetic holdings by the institution of eligible liabilities instruments of G-SII entities, where the institution has a significant investment in those entities, excluding underwriting positions held for five business days or fewer.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of this Section, all instruments ranking <span class="italics">pari passu</span> with eligible liabilities instruments shall be treated as eligible liabilities instruments, with the exception of instruments ranking <span class="italics">pari passu</span> with instruments recognised as eligible liabilities pursuant to Article 72b(3) and (4).</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Section, institutions may calculate the amount of holdings of the eligible liabilities instruments referred to in Article 72b(3) as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="190" height="73" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">h</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the amount of holdings of the eligible liabilities instruments referred to in Article 72b(3);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">i</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index denoting the issuing institution;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">H<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the total amount of holdings of eligible liabilities of the issuing institution i referred to in Article 72b(3);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">l<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the amount of liabilities included in eligible liabilities items by the issuing institution i within the limits specified in Article 72b(3) according to the latest disclosures by the issuing institution; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">L<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the total amount of the outstanding liabilities of the issuing institution i referred to in Article 72b(3) according to the latest disclosures by the issuer.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where an EU parent institution or a parent institution in a Member State that is subject to Article 92a has direct, indirect or synthetic holdings of own funds instruments or eligible liabilities instruments of one or more subsidiaries which do not belong to the same resolution group as that parent institution, the resolution authority of that parent institution, after duly considering the opinion of the resolution authorities of any subsidiaries concerned, may permit the parent institution to deduct such holdings by deducting a lower amount specified by the resolution authority of that parent institution. That adjusted amount shall be at least equal to the amount (m) calculated as follows:</p>
<div class="list">m<span class="subscript">i</span> = max{0; OP<span class="subscript">i</span> + LP<span class="subscript">i</span> – max{0; β · [O<span class="subscript">i</span> + L<span class="subscript">i</span> – r<span class="subscript">i</span> · aRWA<span class="subscript">i</span>]}}</div>
<div class="list">where:</div>
<div class="list">
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">i</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index denoting the subsidiary;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">OP<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the amount of own funds instruments issued by subsidiary i and held by the parent institution;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">LP<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the amount of eligible liabilities instruments issued by subsidiary i and held by the parent institution;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">β</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">percentage of own funds instruments and eligible liabilities instruments issued by subsidiary i and held by the parent undertaking, calculated as:</p>
<p class="norm">
<img 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" width="581" height="32" alt="image"></p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">O<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the amount of own funds of subsidiary i, not taking into account the deduction calculated in accordance with this paragraph;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">L<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the amount of eligible liabilities of subsidiary i, not taking into account the deduction calculated in accordance with this paragraph;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">r<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the ratio applicable to subsidiary i at the level of its resolution group in accordance with point (a) of Article 92a(1) of this Regulation and point (a) of the first subparagraph of Article 45c(3) of Directive 2014/59/EU; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">aRWA<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the total risk exposure amount of the G-SII entity i calculated in accordance with Article 92(3) and (4), taking into account the adjustments set out in Article 12a.</p>
</td>
</tr></table></div>
</div>
</div>
<p class="norm">Where the parent institution is allowed to deduct the adjusted amount in accordance with the first subparagraph, the difference between the amount of holdings of own funds instruments and eligible liabilities instruments referred to in the first subparagraph and that adjusted amount shall be deducted by the subsidiary.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 72f -
<p class="norm">For the purposes of point (a) of Article 72e(1), institutions shall calculate holdings on the basis of the gross long positions subject to the following exceptions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions may calculate the amount of holdings on the basis of the net long position, provided that both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the long and short positions are in the same underlying exposure and the short positions involve no counterparty risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the long and the short positions are held in the trading book or both are held in the non-trading book;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall determine the amount to be deducted for direct, indirect and synthetic holdings of index securities by calculating the underlying exposure to own eligible liabilities instruments in those indices;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions may net gross long positions in own eligible liabilities instruments resulting from holdings of index securities against short positions in own eligible liabilities instruments resulting from short positions in underlying indices, including where those short positions involve counterparty risk, provided that both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the long and short positions are in the same underlying indices;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the long and the short positions are held in the trading book or both are held in the non-trading book.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 72g -
<p class="norm">For the purposes of points (b), (c) and (d) of Article 72e(1), institutions shall deduct the gross long positions subject to the exceptions laid down in Articles 72h and 72i.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 72h -
<p class="norm">Institutions not making use of the exception set out in Article 72j shall make the deductions referred to in points (c) and (d) of Article 72e(1) in accordance with the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they may calculate direct, indirect and synthetic holdings of eligible liabilities instruments on the basis of the net long position in the same underlying exposure, provided that both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the maturity date of the short position is either the same as, or later than the maturity date of the long position or the residual maturity of the short position is at least one year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the long position and the short position are held in the trading book or both are held in the non-trading book;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall determine the amount to be deducted for direct, indirect and synthetic holdings of index securities by looking through to the underlying exposure to the eligible liabilities instruments in those indices.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 72i -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (c) of Article 72e(1), institutions shall calculate the applicable amount to be deducted by multiplying the amount referred to in point (a) of this paragraph by the factor derived from the calculation referred to in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the aggregate amount by which the direct, indirect and synthetic holdings by the institution of the Common Equity Tier 1, Additional Tier 1, Tier 2 instruments of financial sector entities and eligible liabilities instruments of G-SII entities in none of which the institution has a significant investment exceeds 10 % of the Common Equity Tier 1 items of the institution after applying the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Articles 32 to 35;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">points (a) to (g), points (k)(ii) to (k)(v) and point (l) of Article 36(1), excluding the amount to be deducted for deferred tax assets that rely on future profitability and arise from temporary differences;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Articles 44 and 45;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of direct, indirect and synthetic holdings by the institution of the eligible liabilities instruments of G-SII entities in which the institution does not have a significant investment divided by the aggregate amount of the direct, indirect and synthetic holdings by the institution of the Common Equity Tier 1, Additional Tier 1, Tier 2 instruments of financial sector entities and eligible liabilities instruments of G-SII entities in none of which the resolution entity has a significant investment.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall exclude underwriting positions held for five business days or fewer from the amounts referred to in point (a) of paragraph 1 and from the calculation of the factor in accordance with point (b) of paragraph 1.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The amount to be deducted pursuant to paragraph 1 shall be apportioned across each eligible liabilities instrument of a G-SII entity held by the institution. Institutions shall determine the amount of each eligible liabilities instrument that is deducted pursuant to paragraph 1 by multiplying the amount specified in point (a) of this paragraph by the proportion specified in point (b) of this paragraph:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of holdings required to be deducted pursuant to paragraph 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the proportion of the aggregate amount of direct, indirect and synthetic holdings by the institution of the eligible liabilities instruments of G-SII entities in which the institution does not have a significant investment represented by each eligible liabilities instrument held by the institution.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The amount of holdings referred to in point (c) of Article 72e(1) that is equal to or less than 10 % of the Common Equity Tier 1 items of the institution after applying the provisions laid down in points (a)(i), (a)(ii) and (a)(iii) of paragraph 1 of this Article shall not be deducted and shall be subject to the applicable risk weights in accordance with Chapter 2 or 3 of Title II of Part Three and the requirements laid down in Title IV of Part Three, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Institutions shall determine the amount of each eligible liabilities instrument that is risk weighted pursuant to paragraph 4 by multiplying the amount of holdings required to be risk weighted pursuant to paragraph 4 by the proportion resulting from the calculation specified in point (b) of paragraph 3.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 72j -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may decide not to deduct a designated part of their direct, indirect and synthetic holdings of eligible liabilities instruments, that in aggregate and measured on a gross long basis is equal to or less than 5 % of the Common Equity Tier 1 items of the institution after applying Articles 32 to 36, provided that all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the holdings are in the trading book;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the eligible liabilities instruments are held for no longer than 30 business days.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The amounts of the items that are not deducted pursuant to paragraph 1 shall be subject to own funds requirements for items in the trading book.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where, in the case of holdings not deducted in accordance with paragraph 1, the conditions set out in that paragraph cease to be met, the holdings shall be deducted in accordance with Article 72g without applying the exceptions laid down in Articles 72h and 72i.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 3 -
Own funds and eligible liabilitiesArticle 72k -
<p class="norm">The eligible liabilities of an institution shall consist of the eligible liabilities items of the institution after the deductions referred to in Article 72e.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 72l -
<p class="norm">The own funds and eligible liabilities of an institution shall consist of the sum of its own funds and its eligible liabilities.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 6 -
General requirements for own funds and eligible liabilitiesArticle 73 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Capital instruments and liabilities for which an institution has the sole discretion to decide to pay distributions in a form other than cash or own funds instruments shall not be eligible to qualify as Common Equity Tier 1, Additional Tier 1, Tier 2 or eligible liabilities instruments, unless the institution has received the prior permission of the competent authority.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities shall grant the prior permission referred to in paragraph 1 only where they consider all the following conditions to be met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the ability of the institution to cancel payments under the instrument would not be adversely affected by the discretion referred to in paragraph 1, or by the form in which distributions could be made;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the ability of the capital instrument or of the liability to absorb losses would not be adversely affected by the discretion referred to in paragraph 1, or by the form in which distributions could be made;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the quality of the capital instrument or liability would not otherwise be reduced by the discretion referred to in paragraph 1, or by the form in which distributions could be made.</p>
</div>
</div>
</div>
</div>
<p class="norm">The competent authority shall consult the resolution authority regarding an institution's compliance with those conditions before granting the prior permission referred to in paragraph 1.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Capital instruments and liabilities for which a legal person other than the institution issuing them has the discretion to decide or require that the payment of distributions on those instruments or liabilities shall be made in a form other than cash or own funds instruments shall not be eligible to qualify as Common Equity Tier 1, Additional Tier 1, Tier 2 or eligible liabilities instruments.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions may use a broad market index as one of the bases for determining the level of distributions on Additional Tier 1, Tier 2 and eligible liabilities instruments.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Paragraph 4 shall not apply where the institution is a reference entity in that broad market index unless both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution considers movements in that broad market index not to be significantly correlated to the credit standing of the institution, its parent institution or parent financial holding company or parent mixed financial holding company or parent mixed activity holding company;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the competent authority has not reached a different determination from that referred to in point (a).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Institutions shall report and disclose the broad market indices on which their capital instruments and eligible liabilities instruments rely.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the conditions according to which indices shall be deemed to qualify as broad market indices for the purposes of paragraph 4.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 74 -
<p class="norm">Institutions shall not deduct from any element of own funds direct, indirect or synthetic holdings of capital instruments issued by a regulated financial sector entity that do not qualify as regulatory capital of that entity. Institutions shall apply risk weights to such holdings in accordance with Chapter 2 or 3 of Title II of Part Three, as applicable.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 75 -
<p class="norm">The maturity requirements for short positions referred to in point (a) of Article 45, point (a) of Article 59, point (a) of Article 69 and point (a) of Article 72h shall be considered to be met in respect of positions held where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has the contractual right to sell on a specific future date to the counterparty providing the hedge the long position that is being hedged;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the counterparty providing the hedge to the institution is contractually obliged to purchase from the institution on that specific future date the long position referred to in point (a).</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 76 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (a) of Article 42, point (a) of Article 45, point (a) of Article 57, point (a) of Article 59, point (a) of Article 67, point (a) of Article 69, point (a) of Article 72f and point (a) of Article 72h, institutions may reduce the amount of a long position in a capital instrument or in a liability by the portion of an index that is made up of the same underlying exposure that is being hedged, provided that all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either both the long position being hedged and the short position in an index used to hedge that long position are held in the trading book or both are held in the non-trading book;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the positions referred to in point (a) are held at fair value on the balance sheet of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the short position referred to in point (a) qualifies as an effective hedge under the internal control processes of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the competent authorities assess the adequacy of the internal control processes referred to in point (c) on at least an annual basis and are satisfied with their continuing appropriateness.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where the competent authority has granted its prior permission, an institution may use a conservative estimate of the underlying exposure of the institution to capital instruments or to liabilities included in indices as an alternative to an institution calculating its exposure to the items referred to in one or more of the following points:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">own Common Equity Tier 1, Additional Tier 1, Tier 2 and eligible liabilities instruments included in indices;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Common Equity Tier 1, Additional Tier 1 and Tier 2 instruments of financial sector entities, included in indices;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">eligible liabilities instruments of institutions, included in indices.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Competent authorities shall grant the prior permission referred to in paragraph 2 only where the institution has demonstrated to their satisfaction that it would be operationally burdensome for the institution to monitor its underlying exposure to the items referred to in one or more of the points of paragraph 2, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">when an estimate used as an alternative to the calculation of underlying exposure referred to in paragraph 2 is sufficiently conservative;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the meaning of operationally burdensome for the purposes of paragraph 3.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 77 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall obtain the prior permission of the competent authority to do any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">reduce, redeem or repurchase Common Equity Tier 1 instruments issued by the institution in a manner that is permitted under applicable national law;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">reduce, distribute or reclassify as another own funds item the share premium accounts related to own funds instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">effect the call, redemption, repayment or repurchase of Additional Tier 1 or Tier 2 instruments prior to the date of their contractual maturity.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">An institution shall obtain the prior permission of the resolution authority to effect the call, redemption, repayment or repurchase of eligible liabilities instruments that are not covered by paragraph 1, prior to the date of their contractual maturity.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 78 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The competent authority shall grant permission for an institution to reduce, call, redeem, repay or repurchase Common Equity Tier 1, Additional Tier 1 or Tier 2 instruments, or to reduce, distribute or reclassify related share premium accounts, where either of the following conditions is met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">before or at the same time as any of the actions referred to in Article 77(1), the institution replaces the instruments or the related share premium accounts referred to in Article 77(1) with own funds instruments of equal or higher quality at terms that are sustainable for the income capacity of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has demonstrated to the satisfaction of the competent authority that the own funds and eligible liabilities of the institution would, following the action referred to in Article 77(1) of this Regulation, exceed the requirements laid down in this Regulation and in Directives 2013/36/EU and 2014/59/EU by a margin that the competent authority considers necessary.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where an institution provides sufficient safeguards as to its capacity to operate with own funds above the amounts required in this Regulation and in Directive 2013/36/EU, the competent authority may grant that institution a general prior permission to take any of the actions set out in Article 77(1) of this Regulation, subject to criteria that ensure that any such future action will be in accordance with the conditions set out in points (a) and (b) of this paragraph. That general prior permission shall be granted only for a specified period, which shall not exceed one year, after which it may be renewed. The general prior permission shall be granted for a certain predetermined amount, which shall be set by the competent authority. <span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R0876R%2811%29" onclick="window.open(this.href,'_blank'); return false;" title="32019R0876R(11): REPLACED">
<span class="boldface">►C7</span>
</a>
</span> In the case of Common Equity Tier 1 instruments, that predetermined amount shall not exceed 3 % of the relevant issue and shall not exceed 10 % of the amount by which Common Equity Tier 1 capital exceeds the sum of the Common Equity Tier 1 capital requirements laid down in this Regulation, in Directives 2013/36/EU and 2014/59/EU and a margin that the competent authority considers necessary.<span class="boldface"> ◄ </span> In the case of Additional Tier 1 or Tier 2 instruments, that predetermined amount shall not exceed 10 % of the relevant issue and shall not exceed 3 % of the total amount of outstanding Additional Tier 1 or Tier 2 instruments, as applicable.</p>
<p class="norm">Competent authorities shall withdraw the general prior permission where an institution breaches any of the criteria provided for the purposes of that permission.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">When assessing the sustainability of the replacement instruments for the income capacity of the institution referred to in point (a) of paragraph 1, competent authorities shall consider the extent to which those replacement capital instruments would be more costly for the institution than those capital instruments or share premium accounts they would replace.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where an institution takes an action referred to in point (a) of Article 77(1) and the refusal of redemption of Common Equity Tier 1 instruments referred to in Article 27 is prohibited by applicable national law, the competent authority may waive the conditions set out in paragraph 1 of this Article, provided that the competent authority requires the institution to limit the redemption of such instruments on an appropriate basis.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities may permit institutions to call, redeem, repay or repurchase Additional Tier 1 or Tier 2 instruments or related share premium accounts during the five years following their date of issuance where the conditions set out in paragraph 1 and one of the following conditions is met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is a change in the regulatory classification of those instruments that would be likely to result in their exclusion from own funds or reclassification as own funds of lower quality, and both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the competent authority considers such a change to be sufficiently certain;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution demonstrates to the satisfaction of the competent authority that the regulatory reclassification of those instruments was not reasonably foreseeable at the time of their issuance;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is a change in the applicable tax treatment of those instruments which the institution demonstrates to the satisfaction of the competent authority is material and was not reasonably foreseeable at the time of their issuance;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments and related share premium accounts are grandfathered under Article 494b;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">before or at the same time as the action referred to in Article 77(1), the institution replaces the instruments or related share premium accounts referred to in Article 77(1) with own funds instruments of equal or higher quality at terms that are sustainable for the income capacity of the institution and the competent authority has permitted that action on the basis of the determination that it would be beneficial from a prudential point of view and justified by exceptional circumstances;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Additional Tier 1 or Tier 2 instruments are repurchased for market making purposes.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the meaning of ‘sustainable for the income capacity of the institution’;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the appropriate bases of limitation of redemption referred to in paragraph 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the process including the limits and procedures for granting approval in advance by competent authorities for an action listed in Article 77(1), and data requirements for an application by an institution for the permission of the competent authority to carry out an action listed therein, including the process to be applied in the case of redemption of shares issued to members of cooperative societies, and the time period for processing such an application.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 78a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The resolution authority shall grant permission for an institution to call, redeem, repay or repurchase eligible liabilities instruments where one of the following conditions is met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">before or at the same time as any of the actions referred to in Article 77(2), the institution replaces the eligible liabilities instruments with own funds or eligible liabilities instruments of equal or higher quality at terms that are sustainable for the income capacity of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has demonstrated to the satisfaction of the resolution authority that the own funds and eligible liabilities of the institution would, following the action referred to in Article 77(2) of this Regulation, exceed the requirements for own funds and eligible liabilities laid down in this Regulation and in Directives 2013/36/EU and 2014/59/EU by a margin that the resolution authority, in agreement with the competent authority, considers necessary;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has demonstrated to the satisfaction of the resolution authority that the partial or full replacement of the eligible liabilities with own funds instruments is necessary to ensure compliance with the own funds requirements laid down in this Regulation and in Directive 2013/36/EU for continuing authorisation.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where an institution provides sufficient safeguards as to its capacity to operate with own funds and eligible liabilities above the amount of the requirements laid down in this Regulation and in Directives 2013/36/EU and 2014/59/EU, the resolution authority, after consulting the competent authority, may grant that institution a general prior permission to effect calls, redemptions, repayments or repurchases of eligible liabilities instruments, subject to criteria that ensure that any such future action will be in accordance with the conditions set out in points (a) and (b) of this paragraph. That general prior permission shall be granted only for a specified period, which shall not exceed one year, after which it may be renewed. The general prior permission shall be granted for a certain predetermined amount, which shall be set by the resolution authority. Resolution authorities shall inform the competent authorities about any general prior permission granted.</p>
<p class="norm">The resolution authority shall withdraw the general prior permission where an institution breaches any of the criteria provided for the purposes of that permission.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">When assessing the sustainability of the replacement instruments for the income capacity of the institution referred to in point (a) of paragraph 1, resolution authorities shall consider the extent to which those replacement capital instruments or replacement eligible liabilities would be more costly for the institution than those they would replace.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the process of cooperation between the competent authority and the resolution authority;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the procedure, including the time limits and information requirements, for granting the permission in accordance with the first subparagraph of paragraph 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the procedure, including the time limits and information requirements, for granting the general prior permission in accordance with the second subparagraph of paragraph 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the meaning of ‘sustainable for the income capacity of the institution’.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of point (d) of the first subparagraph of this paragraph, the draft regulatory technical standards shall be fully aligned with the delegated act referred to in Article 78.</p>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 December 2019.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 79 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Where an institution holds capital instruments or liabilities that qualify as own funds instruments in a financial sector entity or as eligible liabilities instruments in an institution and where the competent authority considers those holdings to be for the purposes of a financial assistance operation designed to reorganise and restore the viability of that entity or that institution, the competent authority may waive on a temporary basis the provisions on deduction that would otherwise apply to those instruments.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the concept of temporary for the purposes of paragraph 1 and the conditions according to which a competent authority may deem those temporary holdings to be for the purposes of a financial assistance operation designed to reorganise and save a relevant entity.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 79a -
<p class="norm">Institutions shall have regard to the substantial features of instruments and not only their legal form when assessing compliance with the requirements laid down in Part Two. The assessment of the substantial features of an instrument shall take into account all arrangements related to the instruments, even where those are not explicitly set out in the terms and conditions of the instruments themselves, for the purpose of determining that the combined economic effects of such arrangements are compliant with the objective of the relevant provisions.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 80 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">EBA shall monitor the quality of own funds and eligible liabilities instruments issued by institutions across the Union and shall notify the Commission immediately where there is significant evidence that those instruments do not meet the respective eligibility criteria set out in this Regulation.</div>
</div>
<p class="norm">Competent authorities shall, without delay and upon request by EBA, forward all information to EBA that EBA considers relevant concerning new capital instruments or new types of liabilities issued in order to enable EBA to monitor the quality of own funds and eligible liabilities instruments issued by institutions across the Union.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">A notification shall include the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a detailed explanation of the nature and extent of the shortfall identified;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">technical advice on the action by the Commission that EBA considers to be necessary;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">significant developments in the methodology of EBA for stress testing the solvency of institutions.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall provide technical advice to the Commission on any significant changes it considers to be required to the definition of own funds and eligible liabilities as a result of any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">relevant developments in market standards or practice;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">changes in relevant legal or accounting standards;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">significant developments in the methodology of EBA for stress testing the solvency of institutions.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">EBA shall provide technical advice to the Commission by 1 January 2014 on possible treatments of unrealised gains measured at fair value other than including them in Common Equity Tier 1 without adjustment. Such recommendations shall take into account relevant developments in international accounting standards and in international agreements on prudential standards for banks.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
TITLE II -
MINORITY INTEREST AND ADDITIONAL TIER 1 AND TIER 2 INSTRUMENTS ISSUED BY SUBSIDIARIESArticle 81 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Minority interests shall comprise the sum of Common Equity Tier 1 items of a subsidiary where the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the subsidiary is one of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an undertaking that is subject by virtue of applicable national law to the requirements of this Regulation and of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an intermediate financial holding company or intermediate mixed financial holding company that is subject to the requirements of this Regulation on a sub‐consolidated basis, or an intermediate investment holding company that is subject to the requirements of Regulation (EU) 2019/2033 on a consolidated basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an investment firm;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an intermediate financial holding company in a third country, provided that that intermediate financial holding company is subject to prudential requirements as stringent as those applied to credit institutions of that third country and provided that the Commission has adopted a decision in accordance with Article 107(4) determining that those prudential requirements are at least equivalent to those of this Regulation;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the subsidiary is included fully in the consolidation pursuant to Chapter 2 of Title II of Part One;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Common Equity Tier 1 items, referred to in the introductory part of this paragraph, are owned by persons other than the undertakings included in the consolidation pursuant to Chapter 2 of Title II of Part One.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Minority interests that are funded directly or indirectly, through a special purpose entity or otherwise, by the parent undertaking of the institution, or its subsidiaries shall not qualify as consolidated Common Equity Tier 1 capital.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 82 -
<p class="norm">Qualifying Additional Tier 1, Tier 1, Tier 2 capital and qualifying own funds shall comprise the minority interest, Additional Tier 1 or Tier 2 instruments, as applicable, plus the related share premium accounts, of a subsidiary where the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the subsidiary is one of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an undertaking that is subject by virtue of applicable national law to the requirements of this Regulation and of Directive 2013/36/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an intermediate financial holding company or intermediate mixed financial holding company that is subject to the requirements of this Regulation on a sub‐consolidated basis, or an intermediate investment holding company that is subject to the requirements of Regulation (EU) 2019/2033 on a consolidated basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an investment firm;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an intermediate financial holding company in a third country, provided that that intermediate financial holding company is subject to prudential requirements as stringent as those applied to credit institutions of that third country and provided that the Commission has adopted a decision in accordance with Article 107(4) determining that those prudential requirements are at least equivalent to those of this Regulation;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the subsidiary is included fully in the scope of consolidation pursuant to Chapter 2 of Title II of Part One;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Common Equity Tier 1 items, Additional Tier 1 items and Tier 2 items referred to in the introductory part of this paragraph, are owned by persons other than the undertakings included in the consolidation pursuant to Chapter 2 of Title II of Part One.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 83 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Additional Tier 1 and Tier 2 instruments issued by a special purpose entity, and the related share premium accounts, are included until 31 December 2021 in qualifying Additional Tier 1, Tier 1 or Tier 2 capital or qualifying own funds, as applicable, only where the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the special purpose entity issuing those instruments is included fully in the consolidation pursuant to Chapter 2 of Title II of Part One;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments, and the related share premium accounts, are included in qualifying Additional Tier 1 capital only where the conditions laid down in Article 52(1) are satisfied;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments, and the related share premium accounts, are included in qualifying Tier 2 capital only where the conditions laid down in Article 63 are satisfied;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the only asset of the special purpose entity is its investment in the own funds of the parent undertaking or a subsidiary thereof that is included fully in the consolidation pursuant to Chapter 2 of Title II of Part One, the form of which satisfies the relevant conditions laid down in Articles 52(1) or 63, as applicable.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where the competent authority considers the assets of a special purpose entity other than its investment in the own funds of the parent undertaking or a subsidiary thereof that is included in the scope of consolidation pursuant to Chapter 2 of Title II of Part One, to be minimal and insignificant for such an entity, the competent authority may waive the condition specified in point (d) of the first subparagraph.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the types of assets that can relate to the operation of special purpose entities and the concepts of minimal and insignificant referred to in the second subparagraph of paragraph 1.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 84 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall determine the amount of minority interests of a subsidiary that is included in consolidated Common Equity Tier 1 capital by subtracting from the minority interests of that undertaking the result of multiplying the amount referred to in point (a) by the percentage referred to in point (b) as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Common Equity Tier 1 capital of the subsidiary minus the lower of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of Common Equity Tier 1 capital of that subsidiary required to meet the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>— </span>
</div>
<div class="grid-list-column-2">
<div class="list">the sum of the requirement laid down in point (a) of Article 92(1) of this Regulation, the requirements referred to in Articles 458 and 459 of this Regulation, the specific own funds requirements referred to in Article 104 of Directive 2013/36/EU, the combined buffer requirement defined in point (6) of Article 128 of that Directive, and any additional local supervisory regulations in third countries insofar as those requirements are to be met by Common Equity Tier 1 capital,</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>— </span>
</div>
<div class="grid-list-column-2">
<div class="list">where the subsidiary is an investment firm, the sum of the requirement laid down in Article 11 of Regulation (EU) 2019/2033, the specific own funds requirements referred to in point (a) of Article 39(2) of Directive (EU) 2019/2034 and any additional local supervisory regulations in third countries, insofar as those requirements are to be met by Common Equity Tier 1 capital;</div>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of consolidated Common Equity Tier 1 capital that relates to that subsidiary that is required on a consolidated basis to meet the sum of the requirement laid down in point (a) of Article 92(1) of this Regulation, the requirements referred to in Articles 458 and 459 of this Regulation, the specific own funds requirements referred to in Article 104 of Directive 2013/36/EU, the combined buffer requirement defined in point (6) of Article 128 of that Directive, and any additional local supervisory regulations in third countries insofar as those requirements are to be met by Common Equity Tier 1 capital;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the minority interests of the subsidiary expressed as a percentage of all Common Equity Tier 1 items of that undertaking.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The calculation referred to in paragraph 1 shall be undertaken on a sub-consolidated basis for each subsidiary referred to in Article 81(1).</div>
</div>
<p class="norm">An institution may choose not to undertake this calculation for a subsidiary referred to in Article 81(1). Where an institution takes such a decision, the minority interest of that subsidiary may not be included in consolidated Common Equity Tier 1 capital.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where a competent authority derogates from the application of prudential requirements on an individual basis, as laid down in Article 7 of this Regulation or, as applicable, as laid down in Article 6 of Regulation (EU) 2019/2033, minority interests within the subsidiaries to which the waiver is applied shall not be recognised in own funds at the sub‐consolidated or at the consolidated level, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the sub-consolidation calculation required in accordance with paragraph 2 of this Article, Articles 85 and 87.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities may grant a waiver from the application of this Article to a parent financial holding company that satisfies all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">its principal activity is to acquire holdings;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is subject to prudential supervision on a consolidated basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it consolidates a subsidiary institution in which it has only a minority holding by virtue of the control relationship defined in Article 1 of Directive 83/349/EEC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">more than 90 % of the consolidated required Common Equity Tier 1 capital arises from the subsidiary institution referred to in point c) calculated on a sub-consolidated basis.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where, after 28 June 2013, a parent financial holding company that meets the conditions laid down in the first subparagraph becomes a parent mixed financial holding company, competent authorities may grant the waiver referred to in the first subparagraph to that parent mixed financial holding company provided that it meets the conditions laid down in that subparagraph.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Where credit institutions permanently affiliated in a network to a central body and institutions established within an institutional protection scheme subject to the conditions laid down in Article 113(7) have set up a cross-guarantee scheme that provides that there is no current or foreseen material, practical or legal impediment to the transfer of the amount of own funds above the regulatory requirements from the counterparty to the credit institution, these institutions are exempted from the provisions of this Article regarding deductions and may recognise any minority interest arising within the cross-guarantee scheme in full.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 85 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall determine the amount of qualifying Tier 1 capital of a subsidiary that is included in consolidated own funds by subtracting from the qualifying Tier 1 capital of that undertaking the result of multiplying the amount referred to in point (a) by the percentage referred to in point (b) as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Tier 1 capital of the subsidiary minus the lower of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of Tier 1 capital of the subsidiary required to meet the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>— </span>
</div>
<div class="grid-list-column-2">
<div class="list">the sum of the requirement laid down in point (b) of Article 92(1) of this Regulation, the requirements referred to in Articles 458 and 459 of this Regulation, the specific own funds requirements referred to in Article 104 of Directive 2013/36/EU, the combined buffer requirement defined in point (6) of Article 128 of that Directive, and any additional local supervisory regulations in third countries insofar as those requirements are to be met by Tier 1 Capital,</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>— </span>
</div>
<div class="grid-list-column-2">
<div class="list">where the subsidiary is an investment firm, the sum of the requirement laid down in Article 11 of Regulation (EU) 2019/2033, the specific own funds requirements referred to in point (a) of Article 39(2) of Directive (EU) 2019/2034, and any additional local supervisory regulations in third countries insofar as those requirements are to be met by Tier 1 capital;</div>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of consolidated Tier 1 capital that relates to the subsidiary that is required on a consolidated basis to meet the sum of the requirement laid down in point (b) of Article 92(1) of this Regulation, the requirements referred to in Articles 458 and 459 of this Regulation, the specific own funds requirements referred to in Article 104 of Directive 2013/36/EU, the combined buffer requirement defined in point (6) of Article 128 of that Directive, and any additional local supervisory regulations in third countries insofar as those requirements are to be met by Tier 1 Capital;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the qualifying Tier 1 capital of the subsidiary expressed as a percentage of all Common Equity Tier 1 and Additional Tier 1 items of that undertaking.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The calculation referred to in paragraph 1 shall be undertaken on a sub-consolidated basis for each subsidiary referred to in Article 81(1).</div>
</div>
<p class="norm">An institution may choose not to undertake this calculation for a subsidiary referred to in Article 81(1). Where an institution takes such a decision, the qualifying Tier 1 capital of that subsidiary may not be included in consolidated Tier 1 capital.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where a competent authority derogates from the application of prudential requirements on an individual basis, as laid down in Article 7 of this Regulation or, where applicable, as laid down in Article 6 of Regulation (EU) 2019/2033, Tier 1 instruments within the subsidiaries to which the waiver is applied shall not be recognised as own funds at the sub‐consolidated or at the consolidated level, as applicable.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 86 -
<p class="norm">Without prejudice to Article 84 (5) or (6), institutions shall determine the amount of qualifying Tier 1 capital of a subsidiary that is included in consolidated Additional Tier 1 capital by subtracting from the qualifying Tier 1 capital of that undertaking included in consolidated Tier 1 capital the minority interests of that undertaking that are included in consolidated Common Equity Tier 1 capital.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 87 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall determine the amount of qualifying own funds of a subsidiary that is included in consolidated own funds by subtracting from the qualifying own funds of that undertaking the result of multiplying the amount referred to in point (a) by the percentage referred to in point (b) as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds of the subsidiary minus the lower of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of own funds of the subsidiary required to meet the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>— </span>
</div>
<div class="grid-list-column-2">
<div class="list">the sum of the requirement laid down in point (c) of Article 92(1) of this Regulation, the requirements referred to in Articles 458 and 459 of this Regulation, the specific own funds requirements referred to in Article 104 of Directive 2013/36/EU, the combined buffer requirement defined in point (6) of Article 128 of that Directive, and any additional local supervisory regulations in third countries,</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>— </span>
</div>
<div class="grid-list-column-2">
<div class="list">where the subsidiary is an investment firm, the sum of the requirement laid down in Article 11 of Regulation (EU) 2019/2033, the specific own funds requirements referred to in point (a) of Article 39(2) of Directive (EU) 2019/2034, and any additional local supervisory regulations in third countries;</div>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of own funds that relates to the subsidiary that is required on a consolidated basis to meet the sum of the requirement laid down in point (c) of Article 92(1) of this Regulation, the requirements referred to in Articles 458 and 459 of this Regulation, the specific own funds requirements referred to in Article 104 of Directive 2013/36/EU, the combined buffer requirement defined in point (6) of Article 128 of that Directive, and any additional local supervisory own funds requirement in third countries;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the qualifying own funds of the undertaking, expressed as a percentage of the sum of all the Common Equity Tier 1 items, Additional Tier 1 items and Tier 2 items, excluding the amounts referred to in points (c) and (d) of Article 62, of that undertaking.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The calculation referred to in paragraph 1 shall be undertaken on a sub-consolidated basis for each subsidiary referred to in Article 81(1).</div>
</div>
<p class="norm">An institution may choose not to undertake this calculation for a subsidiary referred to in Article 81(1). Where an institution takes such a decision, the qualifying own funds of that subsidiary may not be included in consolidated own funds.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where a competent authority derogates from the application of prudential requirements on an individual basis, as laid down in Article 7 of this Regulation or, as applicable, as laid down in Article 6 of Regulation (EU) 2019/2033, own funds instruments within the subsidiaries to which the waiver is applied shall not be recognised as own funds at the sub‐consolidated or at the consolidated level, as applicable.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 88 -
<p class="norm">Without prejudice to Article 84(5) or (6), institutions shall determine the amount of qualifying own funds of a subsidiary that is included in consolidated Tier 2 capital by subtracting from the qualifying own funds of that undertaking that are included in consolidated own funds the qualifying Tier 1 capital of that undertaking that is included in consolidated Tier 1 capital.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 88a -
<p class="norm">Liabilities issued by a subsidiary established in the Union that belongs to the same resolution group as the resolution entity shall qualify for inclusion in the consolidated eligible liabilities instruments of an institution subject to Article 92a, provided that all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are issued in accordance with point (a) of Article 45f(2) of Directive 2014/59/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are bought by an existing shareholder that is not part of the same resolution group as long as the exercise of the write-down or conversion powers in accordance with Articles 59 to 62 of Directive 2014/59/EU does not affect the control of the subsidiary by the resolution entity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they do not exceed the amount determined by subtracting the amount referred to in point (i) from the amount referred to in point (ii):</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sum of the liabilities issued to and bought by the resolution entity either directly or indirectly through other entities in the same resolution group and the amount of own funds instruments issued in accordance with point (b) of Article 45f(2) of Directive 2014/59/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount required in accordance with Article 45f(1) of Directive 2014/59/EU.</p>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
TITLE III -
QUALIFYING HOLDINGS OUTSIDE THE FINANCIAL SECTORArticle 89 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">A qualifying holding, the amount of which exceeds 15 % of the eligible capital of the institution, in an undertaking which is not one of the following shall be subject to the provisions laid down in paragraph 3:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a financial sector entity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an undertaking, that is not a financial sector entity, carrying on activities which the competent authority considers to be any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a direct extension of banking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">ancillary to banking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">leasing, factoring, the management of unit trusts, the management of data processing services or any other similar activity.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The total amount of the qualifying holdings of an institution in undertakings other than those referred to in points (a) and (b) of paragraph 1 that exceeds 60 % of its eligible capital shall be subject to the provisions laid down in paragraph 3.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities shall apply the requirements laid down in point (a) or (b) to qualifying holdings of institutions referred to in paragraphs 1 and 2:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purpose of calculating the capital requirement in accordance with Part Three, institutions shall apply a risk weight of 1 250 % to the greater of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of qualifying holdings referred to in paragraph 1 in excess of 15 % of eligible capital;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total amount of qualifying holdings referred to in paragraph 2 that exceed 60 % of the eligible capital of the institution;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the competent authorities shall prohibit institutions from having qualifying holdings referred to in paragraphs 1 and 2 the amount of which exceeds the percentages of eligible capital laid down in those paragraphs.</p>
</div>
</div>
</div>
</div>
<p class="norm">Competent authorities shall publish their choice of (a) or (b).</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (b) of paragraph 1, EBA shall issue guidelines specifying the following concepts:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">activities that are a direct extension of banking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">activities ancillary to banking;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">similar activities.</p>
</div>
</div>
</div>
</div>
<p class="norm">Those guidelines shall be adopted in accordance with Article 16 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 90 -
<p class="norm">As an alternative to applying a 1 250 % risk weight to the amounts in excess of the limits specified in Article 89(1) and (2), institutions may deduct those amounts from Common Equity Tier 1 items in accordance with point (k) of Article 36(1).</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 91 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Shares of undertakings not referred to in points (a) and (b) of Article 89(1) shall not be included in calculating the eligible capital limits specified in that Article where any of the following conditions is met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">those shares are held temporarily during a financial assistance operation as referred to in Article 79;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the holding of those shares is an underwriting position held for five working days or fewer;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">those shares are held in the own name of the institution and on behalf of others.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Shares which are not financial fixed assets as referred to in Article 35(2) of Directive 86/635/EEC shall not be included in the calculation specified in Article 89.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
PART THREE -
CAPITAL REQUIREMENTSTITLE I -
GENERAL REQUIREMENTS, VALUATION AND REPORTINGCHAPTER 1 -
Required level of own fundsSection 1 -
Own funds requirements for institutionsArticle 92 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Subject to Articles 93 and 94, institutions shall at all times satisfy the following own funds requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a Common Equity Tier 1 capital ratio of 4,5 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a Tier 1 capital ratio of 6 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a total capital ratio of 8 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a leverage ratio of 3 %.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">1a. </span>
<div class="norm inline-element">In addition to the requirement laid down in point (d) of paragraph 1 of this Article, a G-SII shall maintain a leverage ratio buffer equal to the G-SIIs total exposure measure referred to in Article 429(4) of this Regulation multiplied by 50 % of the G-SII buffer rate applicable to the G-SII in accordance with Article 131 of Directive 2013/36/EU.</div>
</div>
<p class="norm">A G-SII shall meet the leverage ratio buffer requirement with Tier 1 capital only. Tier 1 capital that is used to meet the leverage ratio buffer requirement shall not be used towards meeting any of the leverage based requirements set out in this Regulation and in Directive 2013/36/EU, unless explicitly otherwise provided therein.</p>
<p class="norm">Where a G-SII does not meet the leverage ratio buffer requirement, it shall be subject to the capital conservation requirement in accordance with Article 141b of Directive 2013/36/EU.</p>
<p class="norm">Where a G-SII does not meet at the same time the leverage ratio buffer requirement and the combined buffer requirement as defined in point (6) of Article 128 of Directive 2013/36/EU, it shall be subject to the higher of the capital conservation requirements in accordance with Articles 141 and 141b of that Directive.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate their capital ratios as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Common Equity Tier 1 capital ratio is the Common Equity Tier 1 capital of the institution expressed as a percentage of the total risk exposure amount;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Tier 1 capital ratio is the Tier 1 capital of the institution expressed as a percentage of the total risk exposure amount;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total capital ratio is the own funds of the institution expressed as a percentage of the total risk exposure amount.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Total risk exposure amount shall be calculated as the sum of points (a) to (f) of this paragraph after taking into account the provisions laid down in paragraph 4:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk-weighted exposure amounts for credit risk and dilution risk, calculated in accordance with Title II and Article 379, in respect of all the business activities of an institution, excluding risk-weighted exposure amounts from the trading book business of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirements for the trading-book business of an institution for the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">market risk as determined in accordance with Title IV of this Part, excluding the approaches set out in Chapters 1a and 1b of that Title;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">large exposures exceeding the limits specified in Articles 395 to 401, to the extent that an institution is permitted to exceed those limits, as determined in accordance with Part Four;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirements for market risk as determined in Title IV of this Part, excluding the approaches set out in Chapters 1a and 1b of that Title, for all business activities that are subject to foreign exchange risk or commodity risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ca) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirements calculated in accordance with Title V of this Part, with the exception of Article 379 for settlement risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirements calculated in accordance with Title VI for credit valuation adjustment risk of OTC derivative instruments other than credit derivatives recognised to reduce risk-weighted exposure amounts for credit risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirements determined in accordance with Title III for operational risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk-weighted exposure amounts determined in accordance with Title II for counterparty risk arising from the trading book business of the institution for the following types of transactions and agreements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">contracts listed in Annex II and credit derivatives;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">repurchase transactions, securities or commodities lending or borrowing transactions based on securities or commodities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">margin lending transactions based on securities or commodities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">long settlement transactions.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following provisions shall apply in the calculation of the total risk exposure amount referred to in paragraph 3:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirements referred to in points (c), (d) and (e) of that paragraph shall include those arising from all the business activities of an institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall multiply the own funds requirements set out in points (b) to (e) of that paragraph by 12,5.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 92a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Subject to Articles 93 and 94 and to the exceptions set out in paragraph 2 of this Article, institutions identified as resolution entities and that are G-SII entities shall at all times satisfy the following requirements for own funds and eligible liabilities:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a risk-based ratio of 18 %, representing the own funds and eligible liabilities of the institution expressed as a percentage of the total risk exposure amount calculated in accordance with Article 92(3) and (4);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a non-risk-based ratio of 6,75 %, representing the own funds and eligible liabilities of the institution expressed as a percentage of the total exposure measure referred to in Article 429(4).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The requirements laid down in paragraph 1 shall not apply in the following cases:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">within the three years following the date on which the institution or the group of which the institution is part has been identified as a G-SII;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">within the two years following the date on which the resolution authority has applied the bail-in tool in accordance with Directive 2014/59/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">within the two years following the date on which the resolution entity has put in place an alternative private sector measure referred to in point (b) of Article 32(1) of Directive 2014/59/EU by which capital instruments and other liabilities have been written down or converted into Common Equity Tier 1 items in order to recapitalise the resolution entity without the application of resolution tools.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where the aggregate resulting from the application of the requirement laid down in point (a) of paragraph 1 of this Article to each resolution entity of the same G-SII exceeds the requirement for own funds and eligible liabilities calculated in accordance with Article 12a of this Regulation, the resolution authority of the EU parent institution may, after having consulted the other relevant resolution authorities, act in accordance with Article 45d(4) or 45h(2) of Directive 2014/59/EU.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 92b -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions that are material subsidiaries of non-EU G-SIIs and that are not resolution entities shall at all times satisfy requirements for own funds and eligible liabilities equal to 90 % of the requirements for own funds and eligible liabilities laid down in Article 92a.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purpose of complying with paragraph 1, Additional Tier 1, Tier 2 and eligible liabilities instruments shall only be taken into account where those instruments are owned by the ultimate parent undertaking of the non-EU G-SII and have been issued directly or indirectly through other entities within the same group, provided that all such entities are established in the same third country as that ultimate parent undertaking or in a Member State.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">An eligible liabilities instrument shall only be taken into account for the purpose of complying with paragraph 1 where it fulfils all the following additional conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in the event of normal insolvency proceedings as defined in point (47) of Article 2(1) of Directive 2014/59/EU, the claim resulting from the liability ranks below claims resulting from liabilities that do not fulfil the conditions set out in paragraph 2 of this Article and that do not qualify as own funds;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is subject to the write-down or conversion powers in accordance with Articles 59 to 62 of Directive 2014/59/EU.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 93 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The own funds of an institution may not fall below the amount of initial capital required at the time of its authorisation.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Credit institutions that were already in existence on 1 January 1993, the amount of own funds of which do not attain the amount of initial capital required may continue to carry out their activities. In that event, the amount of own funds of those institutions may not fall below the highest level reached with effect from 22 December 1989.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where control of an institution falling within the category referred to in paragraph 2 is taken by a natural or legal person other than the person who controlled the institution previously, the amount of own funds of that institution shall attain the amount of initial capital required.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Where there is a merger of two or more institutions falling within the category referred to in paragraph 2, the amount of own funds of the institution resulting from the merger shall not fall below the total own funds of the merged institutions at the time of the merger, as long as the amount of initial capital required has not been attained.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Where competent authorities consider it necessary to ensure the solvency of an institution that the requirement laid down in paragraph 1 be met, the provisions laid down in paragraphs 2, 4 and 5 shall not apply.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 94 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">By way of derogation from point (b) of Article 92(3), institutions may calculate the own funds requirement for their trading-book business in accordance with paragraph 2 of this Article, provided that the size of the institutions' on- and off-balance-sheet trading-book business is equal to or less than both of the following thresholds on the basis of an assessment carried out on a monthly basis using the data as of the last day of the month:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">5 % of the institution's total assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">EUR 50 million.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where both conditions set out in points (a) and (b) of paragraph 1 are met, institutions may calculate the own funds requirement for their trading-book business as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the contracts listed in point 1 of Annex II, contracts relating to equities which are referred to in point 3 of that Annex and credit derivatives, institutions may exempt those positions from the own funds requirement referred to in point (b) of Article 92(3);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for trading book positions other than those referred to in point (a) of this paragraph, institutions may replace the own funds requirement referred to in point (b) of Article 92(3) with the requirement calculated in accordance with point (a) of Article 92(3).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the size of their on- and off-balance-sheet trading book business on the basis of data as of the last day of each month for the purposes of paragraph 1 in accordance with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all the positions assigned to the trading book in accordance with Article 104 shall be included in the calculation except for the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">positions concerning foreign exchange and commodities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">positions in credit derivatives that are recognised as internal hedges against non-trading book credit risk exposures or counterparty risk exposures and the credit derivate transactions that perfectly offset the market risk of those internal hedges as referred to in Article 106(3);</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all positions included in the calculation in accordance with point (a) shall be valued at their market value on that given date; where the market value of a position is not available on a given date, institutions shall take a fair value for the position on that date; where the market value and fair value of a position are not available on a given date, institutions shall take the most recent of the market value or fair value for that position;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the absolute value of long positions shall be summed with the absolute value of short positions.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where both conditions set out in points (a) and (b) of paragraph 1 of this Article are met, irrespective of the obligations set out in Articles 74 and 83 of Directive 2013/36/EU, Article 102(3) and (4), Articles 103 and 104b of this Regulation shall not apply.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Institutions shall notify the competent authorities when they calculate, or cease to calculate, the own funds requirements of their trading-book business in accordance with paragraph 2.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">An institution that no longer meets one or more of the conditions set out in paragraph 1 shall immediately notify the competent authority thereof.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall cease to calculate the own funds requirements of its trading-book business in accordance with paragraph 2 within three months of one of the following occurring:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution does not meet the conditions set out in point (a) or (b) of paragraph 1 for three consecutive months;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution does not meet the conditions set out in point (a) or (b) of paragraph 1 during more than 6 out of the last 12 months.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">Where an institution has ceased to calculate the own funds requirements of its trading-book business in accordance with this Article, it shall only be permitted to calculate the own funds requirements of its trading-book business in accordance with this Article where it demonstrates to the competent authority that all the conditions set out in paragraph 1 have been met for an uninterrupted full-year period.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">Institutions shall not enter into, buy or sell a trading-book position for the sole purpose of complying with any of the conditions set out in paragraph 1 during the monthly assessment.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
Own funds requirements for investment firms with limited authorisation to provide investment servicesArticle 95 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For the purposes of Article 92(3), investment firms that are not authorised to provide the investment services and activities listed in points (3) and (6) of Section A of Annex I to Directive 2004/39/EC shall use the calculation of the total risk exposure amount specified in paragraph 2.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Investment firms referred to in paragraph 1 of this Article and firms referred to in point (2)(c) of Article 4(1) that provide the investment services and activities listed in points (2) and (4) of Section A of Annex I to Directive 2004/39/EC shall calculate the total risk exposure amount as the higher of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sum of the items referred to in points (a) to (d) and (f) of Article 92(3) after applying Article 92(4);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">12,5 multiplied by the amount specified in Article 97.</p>
</div>
</div>
</div>
</div>
<p class="norm">Firms referred to in point (2)(c) of Article 4(1) that provide the investment services and activities listed in points (2) and (4) of Section A of Annex I to Directive 2004/39/EC shall meet the requirements in Article 92(1) and (2) based on the total risk exposure amount referred to in the first subparagraph.</p>
<p class="norm">Competent authorities may set the own funds requirements for firms referred to in point (2)(c) of Article 4(1) that provide the investment services and activities listed in points (2) and (4) of Section A of Annex I to Directive 2004/39/EC as the own funds requirements that would be binding on those firms according to the national transposition measures in force on 31 December 2013 for Directives 2006/49/EC and 2006/48/EC.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Investment firms referred to in paragraph 1 are subject to all other provisions regarding operational risk laid down in Title VII, Chapter 2, Section II, Sub-section 2 of Directive 2013/36/EU.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 96 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of Article 92(3), the following categories of investment firm which hold initial capital in accordance with Article 28(2) of Directive 2013/36/EU shall use the calculation of the total risk exposure amount specified in paragraph 2 of this Article:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">investment firms that deal on own account only for the purpose of fulfilling or executing a client order or for the purpose of gaining entrance to a clearing and settlement system or a recognised exchange when acting in an agency capacity or executing a client order;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">investment firms that meet all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they do not hold client money or securities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they undertake only dealing on own account;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they have no external customers;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">their execution and settlement transactions take place under the responsibility of a clearing institution and are guaranteed by that clearing institution.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For investment firms referred to in paragraph 1, total risk exposure amount shall be calculated as the sum of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">points (a) to (d) and (f) of Article 92(3) after applying Article 92(4);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount referred to in Article 97 multiplied by 12,5.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Investment firms referred to in paragraph 1 are subject to all other provisions regarding operational risk laid down in Title VII, Chapter 3, Section II, Sub-section 1 of Directive 2013/36/EU.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 97 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">In accordance with Articles 95 and 96, an investment firm and firms referred to in point (2)(c) of Article 4(1) that provide the investment services and activities listed in points (2) and (4) of Section A of Annex I to Directive 2004/39/EC shall hold eligible capital of at least one quarter of the fixed overheads of the preceding year.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where there is a change in the business of an investment firm since the preceding year that the competent authority considers to be material, the competent authority may adjust the requirement laid down in paragraph 1.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where an investment firm has not completed business for one year, starting from the day it starts up, an investment firm shall hold eligible capital of at least one quarter of the fixed overheads projected in its business plan, except where the competent authority requires the business plan to be adjusted.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA in consultation with ESMA shall develop draft regulatory technical standards to specify in greater detail the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the calculation of the requirement to hold eligible capital of at least one quarter of the fixed overheads of the previous year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions for the adjustment by the competent authority of the requirement to hold eligible capital of at least one quarter of the fixed overheads of the previous year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the calculation of projected fixed overheads in the case of an investment firm that has not completed business for one year.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 1 March 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 98 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">In the case of the investment firms referred to in Article 95(1) in a group, where that group does not include credit institutions, a parent investment firm in a Member State shall apply Article 92 at a consolidated level as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">using the calculation of total risk exposure amount specified in Article 95(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">own funds calculated on the basis of the consolidated situation of the parent investment firm or that of the financial holding company or mixed financial holding company, as applicable.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">In the case of investment firms referred to in Article 96(1) in a group, where that group does not include credit institutions, a parent investment firm in a Member State and an investment firm controlled by a financial holding company or mixed financial holding company shall apply Article 92 on a consolidated basis as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall use the calculation of total risk exposure amount specified in Article 96(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall use own funds calculated on the basis of the consolidated situation of the parent investment firm or that of the financial holding company or mixed financial holding company, as applicable, and in compliance with Chapter 2 of Title II of Part One.</p>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 3 -
Trading bookArticle 102 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Positions in the trading book shall be either free of restrictions on their tradability or able to be hedged.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Trading intent shall be evidenced on the basis of the strategies, policies and procedures set up by the institution to manage the position or portfolio in accordance with Articles 103, 104 and 104a.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall establish and maintain systems and controls to manage their trading book in accordance with Article 103.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purposes of the reporting requirements set out in Article 430b(3), trading book positions shall be assigned to trading desks established in accordance with Article 104b.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Positions in the trading book shall be subject to the requirements for prudent valuation specified in Article 105.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Institutions shall treat internal hedges in accordance with Article 106.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 103 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall have in place clearly defined policies and procedures for the overall management of the trading book. Those policies and procedures shall at least address:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the activities which the institution considers to be trading business and as constituting part of the trading book for own funds requirement purposes;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the extent to which a position can be marked-to-market daily by reference to an active, liquid two-way market;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for positions that are marked-to-model, the extent to which the institution can:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">identify all material risks of the position;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">hedge all material risks of the position with instruments for which an active, liquid two-way market exists;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">derive reliable estimates for the key assumptions and parameters used in the model;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the extent to which the institution can, and is required to, generate valuations for the position that can be validated externally in a consistent manner;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the extent to which legal restrictions or other operational requirements would impede the institution's ability to effect a liquidation or hedge of the position in the short term;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the extent to which the institution can, and is required to, actively manage the risks of positions within its trading operation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the extent to which the institution may reclassify risk or positions between the non-trading and trading books and the requirements for such reclassifications as referred to in Article 104a.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">In managing its positions or portfolios of positions in the trading book, the institution shall comply with all the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall have in place a clearly documented trading strategy for the position or portfolios in the trading book, which shall be approved by senior management and include the expected holding period;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall have in place clearly defined policies and procedures for the active management of positions or portfolios in the trading book; those policies and procedures shall include the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">which positions or portfolios of positions may be entered into by each trading desk or, as the case may be, by designated dealers;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the setting of position limits and monitoring them for appropriateness;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">ensuring that dealers have the autonomy to enter into and manage the position within agreed limits and according to the approved strategy;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">ensuring that positions are reported to senior management as an integral part of the institution's risk management process;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">ensuring that positions are actively monitored with reference to market information sources and an assessment is made of the marketability or hedgeability of the position or its component risks, including the assessment, the quality and availability of market inputs to the valuation process, level of market turnover, sizes of positions traded in the market;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(vi) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">active anti-fraud procedures and controls;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall have in place clearly defined policies and procedures to monitor the positions against the institution's trading strategy, including the monitoring of turnover and positions for which the originally intended holding period has been exceeded.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 104 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall have in place clearly defined policies and procedures for determining which position to include in the trading book for the purposes of calculating their capital requirements, in accordance with the requirements set out in Article 102 and the definition of trading book in accordance with point (86) of Article 4(1), taking into account the institution's risk management capabilities and practices. The institution shall fully document its compliance with these policies and procedures and shall subject them to periodic internal audit.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 104a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall have in place clearly defined policies for identifying the exceptional circumstances which justify the reclassification of a trading book position as a non-trading book position or, conversely, the reclassification of a non-trading book position as a trading book position, for the purpose of determining their own funds requirements to the satisfaction of the competent authorities. The institutions shall review those policies at least annually.</div>
</div>
<p class="norm">EBA shall monitor the range of supervisory practices and shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 by 28 June 2024 on the meaning of exceptional circumstances for the purposes of the first subparagraph of this paragraph. Until EBA issues those guidelines, competent authorities shall notify EBA of, and shall provide a rationale for, their decisions on whether or not to permit an institution to reclassify a position as referred to in paragraph 2 of this Article.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Competent authorities shall grant permission to reclassify a trading book position as a non-trading book position or conversely a non-trading book position as a trading book position for the purpose of determining their own funds requirements only where the institution has provided the competent authorities with written evidence that its decision to reclassify that position is the result of an exceptional circumstance that is consistent with the policies the institution has in place in accordance with paragraph 1 of this Article. For that purpose, the institution shall provide sufficient evidence that the position no longer meets the condition to be classified as a trading book or non-trading book position pursuant to Article 104.</div>
</div>
<p class="norm">The decision referred to in the first subparagraph shall be approved by the management body.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where the competent authority has granted permission for the reclassification of a position in accordance with paragraph 2, the institution which received that permission shall:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">publicly disclose, without delay,</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">information that its position has been reclassified, and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the effect of that reclassification is a reduction in the institution's own funds requirements, the size of that reduction; and</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the effect of that reclassification is a reduction in the institution's own funds requirements, not recognise that effect until the position matures, unless the institution's competent authority permits it to recognise that effect at an earlier date.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The institution shall calculate the net change in the amount of its own funds requirements arising from the reclassification of the position as the difference between the own funds requirements immediately after the reclassification and the own funds requirements immediately before the reclassification, each calculated in accordance with Article 92. The calculation shall not take into account the effects of any factors other than the reclassification.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The reclassification of a position in accordance with this Article shall be irrevocable.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 104b -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For the purposes of the reporting requirements set out in Article 430b(3), institutions shall establish trading desks and shall assign each of their trading book positions to one of those trading desks. Trading book positions shall be attributed to the same trading desk only where they satisfy the agreed business strategy for the trading desk and are consistently managed and monitored in accordance with paragraph 2 of this Article.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions' trading desks shall at all times meet all the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">each trading desk shall have a clear and distinctive business strategy and a risk management structure that is adequate for its business strategy;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">each trading desk shall have a clear organisational structure; positions in a given trading desk shall be managed by designated dealers within the institution; each dealer shall have dedicated functions in the trading desk; each dealer shall be assigned to one trading desk only;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">position limits shall be set within each trading desk according to the business strategy of that trading desk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">reports on the activities, profitability, risk management and regulatory requirements at the trading desk level shall be produced at least on a weekly basis and communicated to the management body on a regular basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">each trading desk shall have a clear annual business plan including a well-defined remuneration policy on the basis of sound criteria used for performance measurement;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">reports on maturing positions, intra-day trading limit breaches, daily trading limit breaches and actions taken by the institution to address those breaches, as well as assessments of market liquidity, shall be prepared for each trading desk on a monthly basis and made available to the competent authorities.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">By way of derogation from point (b) of paragraph 2, an institution may assign a dealer to more than one trading desk, provided that the institution demonstrates to the satisfaction of its competent authority that the assignment has been made due to business or resource considerations and the assignment preserves the other qualitative requirements set out in this Article applicable to dealers and trading desks.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall notify the competent authorities of the manner in which they comply with paragraph 2. Competent authorities may require an institution to change the structure or organisation of its trading desks to comply with this Article.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 105 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">All trading book positions and non-trading book positions measured at fair value shall be subject to the standards for prudent valuation specified in this Article. Institutions shall in particular ensure that the prudent valuation of their trading book positions achieves an appropriate degree of certainty having regard to the dynamic nature of trading book positions and non-trading book positions measured at fair value, the demands of prudential soundness and the mode of operation and purpose of capital requirements in respect of trading book positions and non-trading book positions measured at fair value.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall establish and maintain systems and controls sufficient to provide prudent and reliable valuation estimates. Those systems and controls shall include at least the following elements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">documented policies and procedures for the process of valuation, including clearly defined responsibilities of the various areas involved in the determination of the valuation, sources of market information and review of their appropriateness, guidelines for the use of unobservable inputs reflecting the institution's assumptions of what market participants would use in pricing the position, frequency of independent valuation, timing of closing prices, procedures for adjusting valuations, month end and ad-hoc verification procedures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">reporting lines for the department accountable for the valuation process that are clear and independent of the front office, which shall ultimately be to the management body.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall revalue trading book positions at fair value at least on a daily basis. Changes in the value of those positions shall be reported in the profit and loss account of the institution.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall mark their trading book positions and non-trading book positions measured at fair value to market whenever possible, including when applying the relevant capital treatment to those positions.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">When marking to market, an institution shall use the more prudent side of bid and offer unless the institution can close out at mid market. Where institutions make use of this derogation, they shall every six months inform their competent authorities of the positions concerned and furnish evidence that they can close out at mid-market.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Where marking to market is not possible, institutions shall conservatively mark to model their positions and portfolios, including when calculating own funds requirements for positions in the trading book and positions measured at fair value in the non-trading book.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall comply with the following requirements when marking to model:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">senior management shall be aware of the elements of the trading book or of other fair-valued positions which are subject to mark to model and shall understand the materiality of the uncertainty thereby created in the reporting of the risk/performance of the business;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall source market inputs, where possible, in line with market prices, and shall assess the appropriateness of the market inputs of the particular position being valued and the parameters of the model on a frequent basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where available, institutions shall use valuation methodologies which are accepted market practice for particular financial instruments or commodities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the model is developed by the institution itself, it shall be based on appropriate assumptions, which have been assessed and challenged by suitably qualified parties independent of the development process;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall have in place formal change control procedures and shall hold a secure copy of the model and use it periodically to check valuations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">risk management shall be aware of the weaknesses of the models used and how best to reflect those in the valuation output; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions' models shall be subject to periodic review to determine the accuracy of their performance, which shall include assessing the continued appropriateness of assumptions, analysis of profit and loss versus risk factors, and comparison of actual close out values to model outputs.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of point (d) of the first subparagraph, the model shall be developed or approved independently of the trading desks and shall be independently tested, including validation of the mathematics, assumptions and software implementation.</p>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">Institutions shall perform independent price verification in addition to daily marking to market or marking to model. Verification of market prices and model inputs shall be performed by a person or unit independent from persons or units that benefit from the trading book, at least monthly, or more frequently depending on the nature of the market or trading activity. Where independent pricing sources are not available or pricing sources are more subjective, prudent measures such as valuation adjustments may be appropriate.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">Institutions shall establish and maintain procedures for considering valuation adjustments.</div>
</div>
<div class="norm">
<span class="no-parag">10. </span>
<div class="norm inline-element">Institutions shall formally consider the following valuation adjustments: unearned credit spreads, close-out costs, operational risks, market price uncertainty, early termination, investing and funding costs, future administrative costs and, where relevant, model risk.</div>
</div>
<div class="norm">
<span class="no-parag">11. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall establish and maintain procedures for calculating an adjustment to the current valuation of any less liquid positions, which can in particular arise from market events or institution-related situations such as concentrated positions and/or positions for which the originally intended holding period has been exceeded. Institutions shall, where necessary, make such adjustments in addition to any changes to the value of the position required for financial reporting purposes and shall design such adjustments to reflect the illiquidity of the position. Under those procedures, institutions shall consider several factors when determining whether a valuation adjustment is necessary for less liquid positions. Those factors include the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the additional amount of time it would take to hedge out the position or the risks within the position beyond the liquidity horizons that have been assigned to the risk factors of the position in accordance with Article 325bd;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the volatility and average of bid/offer spreads;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the availability of market quotes (number and identity of market makers) and the volatility and average of trading volumes including trading volumes during periods of market stress;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">market concentrations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the ageing of positions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the extent to which valuation relies on marking-to-model;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the impact of other model risks.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">12. </span>
<div class="norm inline-element">When using third party valuations or marking to model, institutions shall consider whether to apply a valuation adjustment. In addition, institutions shall consider the need to establish adjustments for less liquid positions and on an ongoing basis review their continued suitability. Institutions shall also explicitly assess the need for valuation adjustments relating to the uncertainty of parameter inputs used by models.</div>
</div>
<div class="norm">
<span class="no-parag">13. </span>
<div class="norm inline-element">With regard to complex products, including securitisation exposures and n-th-to-default credit derivatives, institutions shall explicitly assess the need for valuation adjustments to reflect the model risk associated with using a possibly incorrect valuation methodology and the model risk associated with using unobservable (and possibly incorrect) calibration parameters in the valuation model.</div>
</div>
<div class="norm">
<span class="no-parag">14. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the conditions according to which the requirements of Article 105 shall be applied for the purposes of paragraph 1 of this Article.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 106 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An internal hedge shall in particular meet the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall not be primarily intended to avoid or reduce own funds requirements;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall be properly documented and subject to particular internal approval and audit procedures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall be dealt with at market conditions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the market risk that is generated by the internal hedge shall be dynamically managed in the trading book within the authorised limits;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall be carefully monitored in accordance with adequate procedures.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The requirements set out in paragraph 1 shall apply without prejudice to the requirements applicable to the hedged position in the non-trading book or in the trading book, where relevant.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where an institution hedges a non-trading book credit risk exposure or counterparty risk exposure using a credit derivative booked in its trading book, that credit derivative position shall be recognised as an internal hedge of the non-trading book credit risk exposure or counterparty risk exposure for the purpose of calculating the risk-weighted exposure amounts referred to in point (a) of Article 92(3) where the institution enters into another credit derivative transaction with an eligible third party protection provider that meets the requirements for unfunded credit protection in the non-trading book and perfectly offsets the market risk of the internal hedge.</div>
</div>
<p class="norm">Both an internal hedge recognised in accordance with the first subparagraph and the credit derivative entered into with the third party shall be included in the trading book for the purpose of calculating the own funds requirements for market risk.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where an institution hedges a non-trading book equity risk exposure using an equity derivative booked in its trading book, that equity derivative position shall be recognised as an internal hedge of the non-trading book equity risk exposure for the purpose of calculating the risk-weighted exposure amounts referred to in point (a) of Article 92(3) where the institution enters into another equity derivative transaction with an eligible third party protection provider that meets the requirements for unfunded credit protection in the non-trading book and perfectly offsets the market risk of the internal hedge.</div>
</div>
<p class="norm">Both an internal hedge recognised in accordance with the first subparagraph and the equity derivative entered into with the eligible third party protection provider shall be included in the trading book for the purpose of calculating the own funds requirements for market risk.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where an institution hedges non-trading book interest rate risk exposures using an interest rate risk position booked in its trading book, that interest rate risk position shall be considered to be an internal hedge for the purpose of assessing the interest rate risk arising from non-trading positions in accordance with Articles 84 and 98 of Directive 2013/36/EU where the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the position has been assigned to a separate portfolio from the other trading book position, the business strategy of which is solely dedicated to manage and mitigate the market risk of internal hedges of interest rate risk exposure; for that purpose, the institution may assign to that portfolio other interest rate risk positions entered into with third parties, or its own trading book as long as the institution perfectly offsets the market risk of those interest rate risk positions entered into with its own trading book by entering into opposite interest rate risk positions with third parties;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purposes of the reporting requirements set out in Article 430b(3), the position has been assigned to a trading desk established in accordance with Article 104b the business strategy of which is solely dedicated to manage and mitigate the market risk of internal hedges of interest rate risk exposure; for that purpose, that trading desk may enter into other interest rate risk positions with third parties or other trading desks of the institution, as long as those other trading desks perfectly offset the market risk of those other interest rate risk positions by entering into opposite interest rate risk positions with third parties;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has fully documented how the position mitigates the interest rate risk arising from non-trading book positions for the purposes of the requirements laid down in Articles 84 and 98 of Directive 2013/36/EU.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">The own funds requirements for the market risk of all the positions assigned to a separate portfolio as referred to in point (a) of paragraph 5 shall be calculated on a stand-alone basis and shall be in addition to the own funds requirements for the other trading book positions.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">For the purposes of the reporting requirements set out in Article 430b, the calculation of the own funds requirements for market risk of all the positions assigned to the separate portfolio as referred to in point (a) of paragraph 5 of this Article or to the trading desk or entered into by the trading desk referred to in point (b) of paragraph 5 of this Article, where appropriate, shall be calculated on a stand-alone basis as a separate portfolio and shall be additional to the calculation of own funds requirements for the other trading book positions.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
TITLE II -
CAPITAL REQUIREMENTS FOR CREDIT RISKCHAPTER 1 -
General principlesArticle 107 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall apply either the Standardised Approach provided for in Chapter 2 or, if permitted by the competent authorities in accordance with Article 143, the Internal Ratings Based Approach provided for in Chapter 3 to calculate their risk-weighted exposure amounts for the purposes of points (a) and (f) of Article 92(3).</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For trade exposures and for default fund contributions to a central counterparty, institutions shall apply the treatment set out in Chapter 6, Section 9 to calculate their risk-weighted exposure amounts for the purposes of points (a) and (f) of Article 92(3). For all other types of exposures to a central counterparty, institutions shall treat those exposures as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">as exposures to an institution for other types of exposures to a qualifying CCP;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">as exposures to a corporate for other types of exposures to a non-qualifying CCP.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For the purposes of this Regulation, exposures to a third-country investment firm, a third-country credit institution and a third-country exchange shall be treated as exposures to an institution only where the third country applies prudential and supervisory requirements to that entity that are at least equivalent to those applied in the Union.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purposes of paragraph 3, the Commission may adopt, by way of implementing acts, and subject to the examination procedure referred to in Article 464(2), a decision as to whether a third country applies prudential supervisory and regulatory requirements at least equivalent to those applied in the Union. In the absence of such a decision, until 1 January 2015, institutions may continue to treat exposures to the entities referred to in paragraph 3 as exposures to institutions provided that the relevant competent authorities have approved the third country as eligible for that treatment before 1 January 2014.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 108 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For an exposure to which an institution applies the Standardised Approach under Chapter 2 or applies the IRB Approach under Chapter 3 but without using its own estimates of loss given default (LGD) and conversion factors under Article 151, the institution may use credit risk mitigation in accordance with Chapter 4 in the calculation of risk-weighted exposure amounts for the purposes of points (a) and (f) of Article 92(3) or, as relevant, expected loss amounts for the purposes of the calculation referred to in point (d) of Article 36(1) and point (c) of Article 62.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For an exposure to which an institution applies the IRB Approach by using their own estimates of LGD and conversion factors under Article 151, the institution may use credit risk mitigation in accordance with Chapter 3.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 109 -
<p class="norm">Institutions shall calculate the risk-weighted exposure amount for a position they hold in a securitisation in accordance with Chapter 5.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 110 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions applying the Standardised Approach shall treat general credit risk adjustments in accordance with Article 62(c).</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions applying the IRB Approach shall treat general credit risk adjustments in accordance with Article 159, Article 62(d) and Article 36(1)(d).</div>
</div>
<p class="norm">For the purposes of this Article and Chapters 2 and 3, general and specific credit risk adjustments shall exclude funds for general banking risk.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions using the IRB Approach that apply the Standardised Approach for a part of their exposures on consolidated or individual basis, in accordance with Articles 148 and 150 shall determine the part of general credit risk adjustment that shall be assigned to the treatment of general credit risk adjustment under the Standardised Approach and to the treatment of general credit risk adjustment under the IRB Approach as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where applicable, when an institution included in the consolidation exclusively applies the IRB Approach, general credit risk adjustments of this institution shall be assigned to the treatment set out in paragraph 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where applicable, when an institution included in the consolidation exclusively applies the Standardised Approach, general credit risk adjustment of this institution shall be assigned to the treatment set out in paragraph 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the remainder of credit risk adjustment shall be assigned on a pro rata basis according to the proportion of risk weighted exposure amounts subject to the Standardised Approach and subject to the IRB Approach.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the calculation of specific credit risk adjustments and general credit risk adjustments under the applicable accounting framework for the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposure value under the Standardised Approach referred to in Article 111;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposure value under the IRB Approach referred to in Articles 166 to 168;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">treatment of expected loss amounts referred to in Article 159;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposure value for the calculation of the risk-weighted exposure amounts for securitisation position referred to in Articles 246 and 266;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the determination of default under Article 178.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 July 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 2 -
Standardised approachSection 1 -
General principlesArticle 111 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The exposure value of an asset item shall be its accounting value remaining after specific credit risk adjustments in accordance with Article 110, additional value adjustments in accordance with Articles 34 and 105, amounts deducted in accordance with point (m) Article 36(1) and other own funds reductions related to the asset item have been applied. The exposure value of an off-balance sheet item listed in Annex I shall be the following percentage of its nominal value after reduction of specific credit risk adjustments and amounts deducted in accordance with point (m) Article 36(1):</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">100 % if it is a full-risk item;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">50 % if it is a medium-risk item;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">20 % if it is a medium/low-risk item;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0 % if it is a low-risk item.</p>
</div>
</div>
</div>
</div>
<p class="norm">The off-balance sheet items referred to in the second sentence of the first subparagraph shall be assigned to risk categories as indicated in Annex I.</p>
<p class="norm">When an institution is using the Financial Collateral Comprehensive Method under Article 223, the exposure value of securities or commodities sold, posted or lent under a repurchase transaction or under a securities or commodities lending or borrowing transaction, and margin lending transactions shall be increased by the volatility adjustment appropriate to such securities or commodities as prescribed in Articles 223 to 225.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The exposure value of a derivative instrument listed in Annex II shall be determined in accordance with Chapter 6 with the effects of contracts of novation and other netting agreements taken into account for the purposes of those methods in accordance with Chapter 6. The exposure value of repurchase transaction, securities or commodities lending or borrowing transactions, long settlement transactions and margin lending transactions may be determined either in accordance with Chapter 6 or Chapter 4.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where an exposure is subject to funded credit protection, the exposure value applicable to that item may be amended in accordance with Chapter 4.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 112 -
<p class="norm">Each exposure shall be assigned to one of the following exposure classes:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to central governments or central banks;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to regional governments or local authorities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to public sector entities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to multilateral development banks;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to international organisations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to corporates;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">retail exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures secured by mortgages on immovable property;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures in default;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures associated with particularly high risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures in the form of covered bonds;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(m) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">items representing securitisation positions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(n) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to institutions and corporates with a short-term credit assessment;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(o) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures in the form of units or shares in collective investment undertakings (‘CIUs’);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(p) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">equity exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(q) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">other items.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 113 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">To calculate risk-weighted exposure amounts, risk weights shall be applied to all exposures, unless deducted from own funds, in accordance with the provisions of Section 2. The application of risk weights shall be based on the exposure class to which the exposure is assigned and, to the extent specified in Section 2, its credit quality. Credit quality may be determined by reference to the credit assessments of ECAIs or the credit assessments of export credit agencies in accordance with Section 3.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of applying a risk weight, as referred to in paragraph 1, the exposure value shall be multiplied by the risk weight specified or determined in accordance with Section 2.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where an exposure is subject to credit protection the risk weight applicable to that item may be amended in accordance with Chapter 4.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Risk-weighted exposure amounts for securitised exposures shall be calculated in accordance with Chapter 5.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Exposures for which no calculation is provided in Section 2 shall be assigned a risk-weight of 100 %.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">With the exception of exposures giving rise to Common Equity Tier 1, Additional Tier 1 or Tier 2 items, an institution may, subject to the prior approval of the competent authorities, decide not to apply the requirements of paragraph 1 of this Article to the exposures of that institution to a counterparty which is its parent undertaking, its subsidiary, a subsidiary of its parent undertaking or an undertaking linked by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC. Competent authorities are empowered to grant approval if the following conditions are fulfilled:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the counterparty is an institution, a financial institution or an ancillary services undertaking subject to appropriate prudential requirements;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the counterparty is included in the same consolidation as the institution on a full basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the counterparty is subject to the same risk evaluation, measurement and control procedures as the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the counterparty is established in the same Member State as the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is no current or foreseen material practical or legal impediment to the prompt transfer of own funds or repayment of liabilities from the counterparty to the institution.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where the institution, in accordance with this paragraph, is authorised not to apply the requirements of paragraph 1, it may assign a risk weight of 0 %.</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">With the exception of exposures giving rise to Common Equity Tier 1, Additional Tier 1 and Tier 2 items, institutions may, subject to the prior permission of the competent authorities, not apply the requirements of paragraph 1 of this Article to exposures to counterparties with which the institution has entered into an institutional protection scheme that is a contractual or statutory liability arrangement which protects those institutions and in particular ensures their liquidity and solvency to avoid bankruptcy where necessary. Competent authorities are empowered to grant permission if the following conditions are fulfilled:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the requirements set out in points (a), (d) and (e) of paragraph 6 are met;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the arrangements ensure that the institutional protection scheme is able to grant support necessary under its commitment from funds readily available to it;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institutional protection scheme disposes of suitable and uniformly stipulated systems for the monitoring and classification of risk, which gives a complete overview of the risk situations of all the individual members and the institutional protection scheme as a whole, with corresponding possibilities to take influence; those systems shall suitably monitor defaulted exposures in accordance with Article 178(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institutional protection scheme conducts its own risk review which is communicated to the individual members;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institutional protection scheme draws up and publishes on an annual basis, a consolidated report comprising the balance sheet, the profit-and-loss account, the situation report and the risk report, concerning the institutional protection scheme as a whole, or a report comprising the aggregated balance sheet, the aggregated profit-and-loss account, the situation report and the risk report, concerning the institutional protection scheme as a whole;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">members of the institutional protection scheme are obliged to give advance notice of at least 24 months if they wish to end the institutional protection scheme;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the multiple use of elements eligible for the calculation of own funds (hereinafter referred to as ‘multiple gearing’) as well as any inappropriate creation of own funds between the members of the institutional protection scheme shall be eliminated;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institutional protection scheme shall be based on a broad membership of credit institutions of a predominantly homogeneous business profile;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the adequacy of the systems referred to in points (c) and (d) is approved and monitored at regular intervals by the relevant competent authorities.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where the institution, in accordance with this paragraph, decides not to apply the requirements of paragraph 1, it may assign a risk weight of 0 %.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
Risk weightsArticle 114 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Exposures to central governments and central banks shall be assigned a 100 % risk weight, unless the treatments set out in paragraphs 2 to 7 apply.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Exposures to central governments and central banks for which a credit assessment by a nominated ECAI is available shall be assigned a risk weight in accordance with Table 1 which corresponds to the credit assessment of the ECAI in accordance with Article 136.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-61adf6e8-0aeb-4426-aa25-c5bc15654414">Table 1</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="37%"><col width="8%"><col width="10%"><col width="10%"><col width="12%"><col width="12%"><col width="12%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality step</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">6</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Exposures to the ECB shall be assigned a 0 % risk weight.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Exposures to Member States' central governments, and central banks denominated and funded in the domestic currency of that central government and central bank shall be assigned a risk weight of 0 %.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">When the competent authorities of a third country which apply supervisory and regulatory arrangements at least equivalent to those applied in the Union assign a risk weight which is lower than that indicated in paragraphs 1 and 2 to exposures to their central government and central bank denominated and funded in the domestic currency, institutions may risk weight such exposures in the same manner.</div>
</div>
<p class="norm">For the purposes of this paragraph, the Commission may adopt, by way of implementing acts, and subject to the examination procedure referred to in Article 464(2), a decision as to whether a third country applies supervisory and regulatory arrangements at least equivalent to those applied in the Union. In the absence of such a decision, until 1 January 2015, institutions may continue to apply the treatment set out in this paragraph to the exposures to the central government or central bank of the third country where the relevant competent authorities had approved the third country as eligible for that treatment before 1 January 2014.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 115 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Exposures to regional governments or local authorities shall be risk-weighted as exposures to institutions unless they are treated as exposures to central governments under paragraphs 2 or 4 or receive a risk weight as specified in paragraph 5. The preferential treatment for short-term exposures specified in Article 119(2) and Article 120(2) shall not be applied.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Exposures to regional governments or local authorities shall be treated as exposures to the central government in whose jurisdiction they are established where there is no difference in risk between such exposures because of the specific revenue-raising powers of the former, and the existence of specific institutional arrangements the effect of which is to reduce their risk of default.</div>
</div>
<p class="norm">EBA shall maintain a publicly available database of all regional governments and local authorities within the Union which relevant competent authorities treat as exposures to their central governments.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Exposures to churches or religious communities constituted in the form of a legal person under public law shall, in so far as they raise taxes in accordance with legislation conferring on them the right to do so, be treated as exposures to regional governments and local authorities. In this case, paragraph 2 shall not apply and, for the purposes of Article 150(1)(a), permission to apply the Standardised Approach shall not be excluded.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">When competent authorities of a third country jurisdiction which applies supervisory and regulatory arrangements at least equivalent to those applied in the Union treat exposures to regional governments or local authorities as exposures to their central government and there is no difference in risk between such exposures because of the specific revenue-raising powers of regional government or local authorities and to specific institutional arrangements to reduce the risk of default, institutions may risk weight exposures to such regional governments and local authorities in the same manner.</div>
</div>
<p class="norm">For the purposes of this paragraph, the Commission may adopt, by way of implementing acts, and subject to the examination procedure referred to in Article 464(2), a decision as to whether a third country applies supervisory and regulatory arrangements at least equivalent to those applied in the Union. In the absence of such a decision, until 1 January 2015, institutions may continue to apply the treatment set out in this paragraph to the third country where the relevant competent authorities had approved the third country as eligible for that treatment before 1 January 2014.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Exposures to regional governments or local authorities of the Member States that are not referred to in paragraphs 2 to 4 and are denominated and funded in the domestic currency of that regional government and local authority shall be assigned a risk weight of 20 %.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 116 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Exposures to public sector entities for which a credit assessment by a nominated ECAI is not available shall be assigned a risk weight in accordance with the credit quality step to which exposures to the central government of the jurisdiction in which the public sector entity is incorporated are assigned in accordance with the following Table 2:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-e50c0f72-a3f0-40ff-8cda-5206b8a58e00">Table 2</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="63%"><col width="5%"><col width="5%"><col width="6%"><col width="6%"><col width="6%"><col width="6%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality step to which central government is assigned</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">6</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<p class="norm">For exposures to public sector entities incorporated in countries where the central government is unrated, the risk weight shall be 100 %.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Exposures to public sector entities for which a credit assessment by a nominated ECAI is available shall be treated in accordance with Article 120. The preferential treatment for short-term exposures specified in Articles 119(2) and 120(2), shall not be applied to those entities.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For exposures to public sector entities with an original maturity of three months or less, the risk weight shall be 20 %.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">In exceptional circumstances, exposures to public-sector entities may be treated as exposures to the central government, regional government or local authority in whose jurisdiction they are established where in the opinion of the competent authorities of this jurisdiction there is no difference in risk between such exposures because of the existence of an appropriate guarantee by the central government, regional government or local authority.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">When competent authorities of a third country jurisdiction, which apply supervisory and regulatory arrangements at least equivalent to those applied in the Union, treat exposures to public sector entities in accordance with paragraph 1 or 2, institutions may risk weight exposures to such public sector entities in the same manner. Otherwise the institutions shall apply a risk weight of 100 %.</div>
</div>
<p class="norm">For the purposes of this paragraph, the Commission may adopt, by way of implementing acts, and subject to the examination procedure referred to in Article 464(2), a decision as to whether a third country applies supervisory and regulatory arrangements at least equivalent to those applied in the Union. In the absence of such a decision, until 1 January 2015, institutions may continue to apply the treatment set out in this paragraph to the third country where the relevant competent authorities had approved the third country as eligible for that treatment before 1 January 2014.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 117 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Exposures to multilateral development banks that are not referred to in paragraph 2 shall be treated in the same manner as exposures to institutions. The preferential treatment for short-term exposures as specified in Articles 119(2), 120(2) and 121(3) shall not be applied.</div>
</div>
<p class="norm">The Inter-American Investment Corporation, the Black Sea Trade and Development Bank, the Central American Bank for Economic Integration and the CAF-Development Bank of Latin America shall be considered multilateral development banks.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Exposures to the following multilateral development banks shall be assigned a 0 % risk weight:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the International Bank for Reconstruction and Development;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the International Finance Corporation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Inter-American Development Bank;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Asian Development Bank;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the African Development Bank;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Council of Europe Development Bank;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Nordic Investment Bank;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Caribbean Development Bank;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the European Bank for Reconstruction and Development;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the European Investment Bank;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the European Investment Fund;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Multilateral Investment Guarantee Agency;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(m) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the International Finance Facility for Immunisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(n) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Islamic Development Bank;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(o) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the International Development Association;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(p) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Asian Infrastructure Investment Bank.</p>
</div>
</div>
</div>
</div>
<p class="norm">The Commission is empowered to amend this Regulation by adopting delegated acts in accordance with Article 462 amending, in accordance with international standards, the list of multilateral development banks referred to in the first subparagraph.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">A risk weight of 20 % shall be assigned to the portion of unpaid capital subscribed to the European Investment Fund.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 118 -
<p class="norm">Exposures to the following international organisations shall be assigned a 0 % risk weight:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the European Union and the European Atomic Energy Community;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the International Monetary Fund;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Bank for International Settlements;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the European Financial Stability Facility;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the European Stability Mechanism;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an international financial institution established by two or more Member States, which has the purpose to mobilise funding and provide financial assistance to the benefit of its members that are experiencing or threatened by severe financing problems.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 119 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Exposures to institutions for which a credit assessment by a nominated ECAI is available shall be risk-weighted in accordance with Article 120. Exposures to institutions for which a credit assessment by a nominated ECAI is not available shall be risk-weighted in accordance with Article 121.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Exposures to institutions of a residual maturity of three months or less denominated and funded in the national currency of the borrower shall be assigned a risk weight that is one category less favourable than the preferential risk weight, as described in Article 114(4) to (7), assigned to exposures to the central government in which the institution is incorporated.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">No exposures with a residual maturity of three months or less denominated and funded in the national currency of the borrower shall be assigned a risk weight less than 20 %.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Exposure to an institution in the form of minimum reserves required by the ECB or by the central bank of a Member State to be held by an institution may be risk-weighted as exposures to the central bank of the Member State in question provided:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the reserves are held in accordance with Regulation (EC) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves (<a href="#E0022" id="src.E0022">
<span class="superscript">21</span>
</a>) or in accordance with national requirements in all material respects equivalent to that Regulation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in the event of the bankruptcy or insolvency of the institution where the reserves are held, the reserves are fully repaid to the institution in a timely manner and are not made available to meet other liabilities of the institution.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Exposures to financial institutions authorised and supervised by the competent authorities and subject to prudential requirements comparable to those applied to institutions in terms of robustness shall be treated as exposures to institutions.</p>
<p class="norm inline-element">For the purposes of this paragraph, the prudential requirements laid down in Regulation (EU) 2019/2033 shall be considered to be comparable to those applied to institutions in terms of robustness.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 120 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Exposures to institutions with a residual maturity of more than three months for which a credit assessment by a nominated ECAI is available shall be assigned a risk weight in accordance with Table 3 which corresponds to the credit assessment of the ECAI in accordance with Article 136.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-abcfaece-e59d-4297-a4c6-234e46b88bf4">Table 3</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="37%"><col width="10%"><col width="10%"><col width="10%"><col width="12%"><col width="12%"><col width="12%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality step</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">6</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Exposures to an institution of up to three months residual maturity for which a credit assessment by a nominated ECAI is available shall be assigned a risk-weight in accordance with Table 4 which corresponds to the credit assessment of the ECAI in accordance with Article 136:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-f017aa73-ab8e-4d4d-a6ef-2e63fb79c7dd">Table 4</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="38%"><col width="10%"><col width="10%"><col width="10%"><col width="10%"><col width="10%"><col width="12%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality step</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">6</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The interaction between the treatment of short term credit assessment under Article 131 and the general preferential treatment for short term exposures set out in paragraph 2 shall be as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">If there is no short-term exposure assessment, the general preferential treatment for short-term exposures as specified in paragraph 2 shall apply to all exposures to institutions of up to three months residual maturity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">If there is a short-term assessment and such an assessment determines the application of a more favourable or identical risk weight than the use of the general preferential treatment for short-term exposures, as specified in paragraph 2, then the short-term assessment shall be used for that specific exposure only. Other short-term exposures shall follow the general preferential treatment for short-term exposures, as specified in paragraph 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">If there is a short-term assessment and such an assessment determines a less favourable risk weight than the use of the general preferential treatment for short-term exposures, as specified in paragraph 2, then the general preferential treatment for short-term exposures shall not be used and all unrated short-term claims shall be assigned the same risk weight as that applied by the specific short-term assessment.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 121 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Exposures to institutions for which a credit assessment by a nominated ECAI is not available shall be assigned a risk weight in accordance with the credit quality step to which exposures to the central government of the jurisdiction in which the institution is incorporated are assigned in accordance with Table 5.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-675e4df6-935d-4160-8ae5-5286e392135e">Table 5</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="63%"><col width="5%"><col width="5%"><col width="6%"><col width="6%"><col width="6%"><col width="6%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality step to which central government is assigned</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">6</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight of exposure</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For exposures to unrated institutions incorporated in countries where the central government is unrated, the risk weight shall be 100 %.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For exposures to unrated institutions with an original effective maturity of three months or less, the risk weight shall be 20 %.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Notwithstanding paragraphs 2 and 3, for trade finance exposures referred to in point (b) of the second subparagraph of Article 162(3) to unrated institutions, the risk weight shall be 50 % and where the residual maturity of these trade finance exposures to unrated institutions is three months or less, the risk weight shall be 20 %.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 122 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Exposures for which a credit assessment by a nominated ECAI is available shall be assigned a risk weight in accordance with Table 6 which corresponds to the credit assessment of the ECAI in accordance with Article 136.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-df4a39d7-5572-47b6-bc69-5462fe2a0f04">Table 6</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="36%"><col width="9%"><col width="9%"><col width="11%"><col width="11%"><col width="11%"><col width="11%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality step</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">6</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Exposures for which such a credit assessment is not available shall be assigned a 100 % risk weight or the risk weight of exposures to the central government of the jurisdiction in which the corporate is incorporated, whichever is the higher.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 123 -
<p class="norm">Exposures that comply with the following criteria shall be assigned a risk weight of 75 %:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure shall be either to a natural person or persons, or to a small or medium-sized enterprise (SME);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure shall be one of a significant number of exposures with similar characteristics such that the risks associated with such lending are substantially reduced;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total amount owed to the institution and parent undertakings and its subsidiaries, including any exposure in default, by the obligor client or group of connected clients, but excluding exposures fully and completely secured on residential property collateral that have been assigned to the exposure class laid down in point (i) of Article 112, shall not, to the knowledge of the institution, exceed EUR 1 million. The institution shall take reasonable steps to acquire this knowledge.</p>
</div>
</div>
<p class="norm">Securities shall not be eligible for the retail exposure class.</p>
<p class="norm">Exposures that do not comply with the criteria referred to in points (a) to (c) of the first subparagraph shall not be eligible for the retail exposures class.</p>
<p class="norm">The present value of retail minimum lease payments is eligible for the retail exposure class.</p>
<p class="norm">Exposures due to loans granted by a credit institution to pensioners or employees with a permanent contract against the unconditional transfer of part of the borrower's pension or salary to that credit institution shall be assigned a risk weight of 35 %, provided that all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in order to repay the loan, the borrower unconditionally authorises the pension fund or employer to make direct payments to the credit institution by deducting the monthly payments on the loan from the borrower's monthly pension or salary;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risks of death, inability to work, unemployment or reduction of the net monthly pension or salary of the borrower are properly covered through an insurance policy underwritten by the borrower to the benefit of the credit institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the monthly payments to be made by the borrower on all loans that meet the conditions set out in points (a) and (b) do not in aggregate exceed 20 % of the borrower's net monthly pension or salary;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the maximum original maturity of the loan is equal to or less than ten years.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 124 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An exposure or any part of an exposure fully secured by mortgage on immovable property shall be assigned a risk weight of 100 %, where the conditions set out in Article 125 or 126 are not met, except for any part of the exposure which is assigned to another exposure class. The part of the exposure that exceeds the mortgage value of the immovable property shall be assigned the risk weight applicable to the unsecured exposures of the counterparty involved.</div>
</div>
<p class="norm">The part of an exposure that is treated as fully secured by immovable property shall not be greater than the pledged amount of the market value or in those Member States that have laid down rigorous criteria for the assessment of the mortgage lending value in statutory or regulatory provisions, the mortgage lending value of the immovable property in question.</p>
<div class="norm">
<span class="no-parag">1a. </span>
<div class="norm inline-element">Member States shall designate an authority to be responsible for the application of paragraph 2. That authority shall be the competent authority or the designated authority.</div>
</div>
<p class="norm">Where the authority designated by the Member State for the application of this Article is the competent authority, it shall ensure that the relevant national bodies and authorities which have a macroprudential mandate are duly informed of the competent authority's intention to make use of this Article, and are appropriately involved in the assessment of financial stability concerns in its Member State in accordance with paragraph 2.</p>
<p class="norm">Where the authority designated by the Member State for the application of this Article is different from the competent authority, the Member State shall adopt the necessary provisions to ensure proper coordination and exchange of information between the competent authority and the designated authority for the proper application of this Article. In particular, authorities shall be required to cooperate closely and to share all the information that may be necessary for the adequate performance of the duties imposed upon the designated authority pursuant to this Article. That cooperation shall aim at avoiding any form of duplicative or inconsistent action between the competent authority and the designated authority, as well as ensuring that the interaction with other measures, in particular measures taken under Article 458 of this Regulation and Article 133 of Directive 2013/36/EU, is duly taken into account.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Based on the data collected under Article 430a and on any other relevant indicators, the authority designated in accordance with paragraph 1a of this Article shall periodically, and at least annually, assess whether the risk weight of 35 % for exposures to one or more property segments secured by mortgages on residential property referred to in Article 125 located in one or more parts of the territory of the Member State of the relevant authority and the risk weight of 50 % for exposures secured by mortgages on commercial immovable property referred to in Article 126 located in one or more parts of the territory of the Member State of the relevant authority are appropriately based on:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the loss experience of exposures secured by immovable property;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">forward-looking immovable property markets developments.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where, on the basis of the assessment referred to in the first subparagraph of this paragraph, the authority designated in accordance with paragraph 1a of this Article concludes that the risk weights set out in Article 125(2) or 126(2) do not adequately reflect the actual risks related to exposures to one or more property segments fully secured by mortgages on residential property or on commercial immovable property located in one or more parts of the territory of the Member State of the relevant authority, and if it considers that the inadequacy of the risk weights could adversely affect current or future financial stability in its Member State, it may increase the risk weights applicable to those exposures within the ranges determined in the fourth subparagraph of this paragraph or impose stricter criteria than those set out in Article 125(2) or 126(2).</p>
<p class="norm">The authority designated in accordance with paragraph 1a of this Article shall notify EBA and the ESRB of any adjustments to risk weights and criteria applied pursuant to this paragraph. Within one month of receipt of that notification, EBA and the ESRB shall provide their opinion to the Member State concerned. EBA and the ESRB shall publish the risk weights and criteria for exposures referred to in Articles 125, 126 and point (a) of Article 199(1) as implemented by the relevant authority.</p>
<p class="norm inline-element">For the purposes of the second subparagraph of this paragraph, the authority designated in accordance with paragraph 1a may set the risk weights within the following ranges:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">35 % to 150 % for exposures secured by mortgages on residential property;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">50 % to 150 % for exposures secured by mortgages on commercial immovable property.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where the authority designated in accordance with paragraph 1a sets higher risk weights or stricter criteria pursuant to the second subparagraph of paragraph 2, institutions shall have a six-month transitional period to apply them.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">EBA, in close cooperation with the ESRB, shall develop draft regulatory technical standards to specify the rigorous criteria for the assessment of the mortgage lending value referred to in paragraph 1 and the types of factors to be considered for the assessment of the appropriateness of the risk weights referred in the first subparagraph of paragraph 2.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2019.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">The ESRB may, by means of recommendations in accordance with Article 16 of Regulation (EU) No 1092/2010, and in close cooperation with EBA, give guidance to authorities designated in accordance with paragraph 1a of this Article on the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">factors which could ‘adversely affect current or future financial stability’ referred to in the second subparagraph of paragraph 2; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">indicative benchmarks that the authority designated in accordance with paragraph 1a is to take into account when determining higher risk weights.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">The institutions of a Member State shall apply the risk weights and criteria that have been determined by the authorities of another Member State in accordance with paragraph 2 to all their corresponding exposures secured by mortgages on residential property or commercial immovable property located in one or more parts of that Member State.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 125 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Unless otherwise decided by the competent authorities in accordance with Article 124(2), exposures fully and completely secured by mortgages on residential property shall be treated as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures or any part of an exposure fully and completely secured by mortgages on residential property which is or shall be occupied or let by the owner, or the beneficial owner in the case of personal investment companies, shall be assigned a risk weight of 35 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to a tenant under a property leasing transaction concerning residential property under which the institution is the lessor and the tenant has an option to purchase, shall be assigned a risk weight of 35 % provided that the exposure of the institution is fully and completely secured by its ownership of the property.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall consider an exposure or any part of an exposure as fully and completely secured for the purposes of paragraph 1 only if the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the value of the property shall not materially depend upon the credit quality of the borrower. Institutions may exclude situations where purely macro-economic factors affect both the value of the property and the performance of the borrower from their determination of the materiality of such dependence;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk of the borrower shall not materially depend upon the performance of the underlying property or project, but on the underlying capacity of the borrower to repay the debt from other sources, and as a consequence, the repayment of the facility shall not materially depend on any cash flow generated by the underlying property serving as collateral. For those other sources, institutions shall determine maximum loan-to-income ratios as part of their lending policy and obtain suitable evidence of the relevant income when granting the loan;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the requirements set out in Article 208 and the valuation rules set out in Article 229(1) are met;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">unless otherwise determined under Article 124(2), the part of the loan to which the 35 % risk weight is assigned does not exceed 80 % of the market value of the property in question or 80 % of the mortgage lending value of the property in question in those Member States that have laid down rigorous criteria for the assessment of the mortgage lending value in statutory or regulatory provisions.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may derogate from point (b) of paragraph 2 for exposures fully and completely secured by mortgages on residential property which is situated within the territory of a Member State, where the competent authority of that Member State has published evidence showing that a well-developed and long-established residential property market is present in that territory with loss rates which do not exceed the following limits:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">losses stemming from lending collateralised by residential property up to 80 % of the market value or 80 % of the mortgage lending value, unless otherwise decided under Article 124(2), do not exceed 0,3 % of the outstanding loans collateralised by residential property in any given year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">overall losses stemming from lending collateralised by residential property do not exceed 0,5 % of the outstanding loans collateralised by residential property in any given year.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where either of the limits referred to in paragraph 3 is not satisfied in a given year, the eligibility to use paragraph 3 shall cease and the condition contained in point (b) of paragraph 2 shall apply until the conditions in paragraph 3 are satisfied in a subsequent year.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 126 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Unless otherwise decided by the competent authorities in accordance with Article 124(2), exposures fully and completely secured by mortgages on commercial immovable property shall be treated as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures or any part of an exposure fully and completely secured by mortgages on offices or other commercial premises may be assigned a risk weight of 50 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures related to property leasing transactions concerning offices or other commercial premises under which the institution is the lessor and the tenant has an option to purchase may be assigned a risk weight of 50 % provided that the exposure of the institution is fully and completely secured by its ownership of the property.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall consider an exposure or any part of an exposure as fully and completely secured for the purposes of paragraph 1 only if the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the value of the property shall not materially depend upon the credit quality of the borrower. Institutions may exclude situations where purely macro-economic factors affect both the value of the property and the performance of the borrower from their determination of the materiality of such dependence;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk of the borrower shall not materially depend upon the performance of the underlying property or project, but on the underlying capacity of the borrower to repay the debt from other sources, and as a consequence, the repayment of the facility shall not materially depend on any cash flow generated by the underlying property serving as collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the requirements set out in Article 208 and the valuation rules set out in Article 229(1) are met;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the 50 % risk weight unless otherwise provided under Article 124(2) shall be assigned to the part of the loan that does not exceed 50 % of the market value of the property or 60 % of the mortgage lending value unless otherwise provided under Article 124(2) of the property in question in those Member States that have laid down rigorous criteria for the assessment of the mortgage lending value in statutory or regulatory provisions.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may derogate from point (b) of paragraph 2 for exposures fully and completely secured by mortgages on commercial immovable property which is situated within the territory of a Member State, where the competent authority of that Member State has published evidence showing that a well-developed and long-established commercial immovable property market is present in that territory with loss rates which do not exceed the following limits:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">losses stemming from lending collateralised by commercial immovable property up to 50 % of the market value or 60 % of the mortgage lending value, unless otherwise determined under Article 124(2), do not exceed 0,3 % of the outstanding loans collateralised by commercial immovable property;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">overall losses stemming from lending collateralised by commercial immovable property do not exceed 0,5 % of the outstanding loans collateralised by commercial immovable property.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where either of the limits referred to in paragraph 3 is not satisfied in a given year, the eligibility to use paragraph 3 shall cease and the condition contained in point (b) of paragraph 2 shall apply until the conditions in paragraph 3 are satisfied in a subsequent year.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 127 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The unsecured part of any item where the obligor has defaulted in accordance with Article 178, or in the case of retail exposures, the unsecured part of any credit facility which has defaulted in accordance with Article 178 shall be assigned a risk weight of:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">150 %, where the sum of specific credit risk adjustments and of the amounts deducted in accordance with point (m) Article 36(1) is less than 20 % of the unsecured part of the exposure value if those specific credit risk adjustments and deductions were not applied;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">100 %, where the sum of the specific credit risk adjustments and of the amounts deducted in accordance with point (m) Article 36(1) is no less than 20 % of the unsecured part of the exposure value if those specific credit risk adjustments and deductions were not applied.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purpose of determining the secured part of the past due item, eligible collateral and guarantees shall be those eligible for credit risk mitigation purposes under Chapter 4.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The exposure value remaining after specific credit risk adjustments of exposures fully and completely secured by mortgages on residential property in accordance with Article 125 shall be assigned a risk weight of 100 % if a default has occurred in accordance with Article 178.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The exposure value remaining after specific credit risk adjustments of exposures fully and completely secured by mortgages on commercial immovable property in accordance with Article 126 shall be assigned a risk weight of 100 % if a default has occurred in accordance with Article 178.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 128 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall assign a 150 % risk weight to exposures that are associated with particularly high risks.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Article, institutions shall treat any of the following exposures as exposures associated with particularly high risks:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">investments in venture capital firms, except where those investments are treated in accordance with Article 132;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">investments in private equity, except where those investments are treated in accordance with Article 132;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">speculative immovable property financing.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">When assessing whether an exposure other than exposures referred to in paragraph 2 is associated with particularly high risks, institutions shall take into account the following risk characteristics:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is a high risk of loss as a result of a default of the obligor;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is impossible to assess adequately whether the exposure falls under point (a).</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall issue guidelines specifying which types of exposures are associated with particularly high risk and under which circumstances.</p>
<p class="norm">Those guidelines shall be adopted in accordance with Article 16 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 129 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> To be eligible for the preferential treatment set out in paragraphs 4 and 5 of this Article, covered bonds as defined in point (1) of Article 3 of Directive (EU) 2019/2162 of the European Parliament and of the Council (<a href="#E0023" id="src.E0023">
<span class="superscript">22</span>
</a>) shall meet the requirements set out in paragraphs 3, 3a and 3b of this Article and shall be collateralised by any of the following eligible assets:<span class="boldface"> ◄ </span>
</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to or guaranteed by central governments, the ESCB central banks, public sector entities, regional governments or local authorities in the Union;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to or guaranteed by third country central governments, third-country central banks, multilateral development banks, international organisations that qualify for the credit quality step 1 as set out in this Chapter, and exposures to or guaranteed by third-country public sector entities, third-country regional governments or third-country local authorities that are risk weighted as exposures to institutions or central governments and central banks in accordance with Article 115(1) or (2), or Article 116(1), (2) or (4) respectively and that qualify for the credit quality step 1 as set out in this Chapter, and exposures within the meaning of this point that qualify as a minimum for the credit quality step 2 as set out in this Chapter, provided that they do not exceed 20 % of the nominal amount of outstanding covered bonds of the issuing institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to credit institutions that qualify for credit quality step 1 or credit quality step 2, or exposures to credit institutions that qualify for credit quality step 3 where those exposures are in the form of:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">short‐term deposits with an original maturity not exceeding 100 days, where used to meet the cover pool liquidity buffer requirement of Article 16 of Directive (EU) 2019/2162; or</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">derivative contracts that meet the requirements of Article 11(1) of that Directive, where permitted by the competent authorities;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">loans secured by residential property up to the lesser of the principal amount of the liens that are combined with any prior liens and 80 % of the value of the pledged properties;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">residential loans fully guaranteed by an eligible protection provider referred to in Article 201 qualifying for the credit quality step 2 or above as set out in this Chapter, where the portion of each of the loans that is used to meet the requirement set out in this paragraph for collateralisation of the covered bond does not represent more than 80 % of the value of the corresponding residential property located in France, and where a loan-to-income ratio respects at most 33 % when the loan has been granted. There shall be no mortgage liens on the residential property when the loan is granted, and for the loans granted from 1 January 2014 the borrower shall be contractually committed not to grant such liens without the consent of the credit institution that granted the loan. The loan-to-income ratio represents the share of the gross income of the borrower that covers the reimbursement of the loan, including the interests. The protection provider shall be either a financial institution authorised and supervised by the competent authorities and subject to prudential requirements comparable to those applied to institutions in terms of robustness or an institution or an insurance undertaking. It shall establish a mutual guarantee fund or equivalent protection for insurance undertakings to absorb credit risk losses, whose calibration shall be periodically reviewed by the competent authorities. Both the credit institution and the protection provider shall carry out a creditworthiness assessment of the borrower;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">loans secured by commercial immovable property up to the lesser of the principal amount of the liens that are combined with any prior liens and 60 % of the value of the pledged properties. Loans secured by commercial immovable property are eligible where the loan‐to‐value ratio of 60 % is exceeded up to a maximum level of 70 % if the value of the total assets pledged as collateral for the covered bonds exceed the nominal amount outstanding on the covered bond by at least 10 %, and the bondholders’ claim meets the legal certainty requirements set out in Chapter 4. The bondholders’ claim shall take priority over all other claims on the collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">loans secured by maritime liens on ships up to the difference between 60 % of the value of the pledged ship and the value of any prior maritime liens.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of points (c), (d)(ii) and (f)(ii) of the first subparagraph, exposures caused by transmission and management of payments of the obligors of, or liquidation proceeds in respect of, loans secured by pledged properties of the senior units or debt securities shall not be comprised in calculating the limits referred to in those points.</p>
<div class="norm">
<span class="no-parag">1a. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (c) of the first subparagraph of paragraph 1, the following shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for exposures to credit institutions that qualify for credit quality step 1, the exposure shall not exceed 15 % of the nominal amount of outstanding covered bonds of the issuing credit institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for exposures to credit institutions that qualify for credit quality step 2, the exposure shall not exceed 10 % of the nominal amount of outstanding covered bonds of the issuing credit institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for exposures to credit institutions that qualify for credit quality step 3 that take the form of short‐term deposits, as referred to in point (c)(i) of the first subparagraph of paragraph 1 of this Article, or the form of derivative contracts, as referred to in point (c)(ii) of the first subparagraph of paragraph 1 of this Article, the total exposure shall not exceed 8 % of the nominal amount of outstanding covered bonds of the issuing credit institution; the competent authorities designated pursuant to Article 18(2) of Directive (EU) 2019/2162 may, after consulting EBA, allow exposures to credit institutions that qualify for credit quality step 3 in the form of derivative contracts, provided that significant potential concentration problems in the Member States concerned due to the application of credit quality step 1 and 2 requirements referred to in this paragraph can be documented;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total exposure to credit institutions that qualify for credit quality step 1, 2 or 3 shall not exceed 15 % of the nominal amount of outstanding covered bonds of the issuing credit institution and the total exposure to credit institutions that qualify for credit quality step 2 or 3 shall not exceed 10 % of the nominal amount of outstanding covered bonds of the issuing credit institution.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">1b. </span>
<div class="norm inline-element">Paragraph 1a of this Article shall not apply to the use of covered bonds as eligible collateral as permitted pursuant to Article 8 of Directive (EU) 2019/2162.</div>
</div>
<div class="norm">
<span class="no-parag">1c. </span>
<div class="norm inline-element">For the purposes of point (d) of the first subparagraph of paragraph 1, the limit of 80 % shall apply on a loan‐by‐loan basis, shall determine the portion of the loan contributing to the coverage of liabilities attached to the covered bond, and shall apply throughout the entire maturity of the loan.</div>
</div>
<div class="norm">
<span class="no-parag">1d. </span>
<div class="norm inline-element">For the purposes of points (f) and (g) of the first subparagraph of paragraph 1, the limits of 60 % or 70 % shall apply on a loan‐by‐loan basis, shall determine the portion of the loan contributing to the coverage of liabilities attached to the covered bond, and shall apply throughout the entire maturity of the loan.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The situations referred to in points (a) to (f) of paragraph 1 shall also include collateral that is exclusively restricted by legislation to the protection of the bond-holders against losses.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For immovable property and ships collateralising covered bonds that comply with this Regulation, the requirements set out in Article 208 shall be met. The monitoring of property values in accordance with point (a) of Article 208(3) shall be carried out frequently and at least annually for all immovable property and ships.</div>
</div>
<div class="norm">
<span class="no-parag">3a. </span>
<div class="norm inline-element">In addition to being collateralised by the eligible assets listed in paragraph 1 of this Article, covered bonds shall be subject to a minimum level of 5 % of overcollateralisation as defined in point (14) of Article 3 of Directive (EU) 2019/2162.</div>
</div>
<p class="norm">For the purposes of the first subparagraph of this paragraph, the total nominal amount of all cover assets as defined in point (4) of Article 3 of that Directive shall be at least of the same value as the total nominal amount of outstanding covered bonds (‘nominal principle’), and shall consist of eligible assets as set out in paragraph 1 of this Article.</p>
<p class="norm inline-element">Member States may set a lower minimum level of overcollateralisation for covered bonds or authorise their competent authorities to set such a level, provided that:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either the calculation of overcollateralisation is based on a formal approach where the underlying risk of the assets is taken into account, or the valuation of the assets is subject to the mortgage lending value; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the minimum level of overcollateralisation is not lower than 2 %, based on the nominal principle referred to in Article 15(6) and (7) of Directive (EU) 2019/2162.</p>
</div>
</div>
<p class="norm">The assets contributing to a minimum level of overcollateralisation shall not be subject to the limits on exposure size set out in paragraph 1a and shall not count towards those limits.</p>
<div class="norm">
<span class="no-parag">3b. </span>
<div class="norm inline-element">Eligible assets listed in paragraph 1 of this Article may be included in the cover pool as substitution assets as defined in point (13) of Article 3 of Directive (EU) 2019/2162, subject to the limits on credit quality and exposure size set out in paragraphs 1 and 1a of this Article.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Covered bonds for which a credit assessment by a nominated ECAI is available shall be assigned a risk weight in accordance with Table 6a which corresponds to the credit assessment of the ECAI in accordance with Article 136.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-aab091b1-1548-4371-bc32-8a65763a998f">Table 6a</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="38%"><col width="10%"><col width="10%"><col width="10%"><col width="10%"><col width="10%"><col width="12%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality step</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">6</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
<td valign="top">
<p class="tbl-norm">10 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Covered bonds for which a credit assessment by a nominated ECAI is not available shall be assigned a risk weight on the basis of the risk weight assigned to senior unsecured exposures to the institution which issues them. The following correspondence between risk weights shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if the exposures to the institution are assigned a risk weight of 20 %, the covered bond shall be assigned a risk weight of 10 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if the exposures to the institution are assigned a risk weight of 50 %, the covered bond shall be assigned a risk weight of 20 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if the exposures to the institution are assigned a risk weight of 100 %, the covered bond shall be assigned a risk weight of 50 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if the exposures to the institution are assigned a risk weight of 150 %, the covered bond shall be assigned a risk weight of 100 %.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Covered bonds issued before 31 December 2007 shall not be subject to the requirements laid down in paragraphs 1, 1a, 3, 3a and 3b. They shall be eligible for preferential treatment under paragraphs 4 and 5 until their maturity.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">Covered bonds issued before 8 July 2022 that comply with the requirements laid down in this Regulation as applicable at the date of their issue shall not be subject to the requirements laid down in paragraphs 3a and 3b. They shall be eligible for preferential treatment under paragraphs 4 and 5 until their maturity.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 130 -
<p class="norm">Risk-weighted exposure amounts for securitisation positions shall be determined in accordance with Chapter 5.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 131 -
<p class="norm">Exposures to institutions and exposures to corporates for which a short-term credit assessment by a nominated ECAI is available shall be assigned a risk weight in accordance with Table 7 which corresponds to the credit assessment of the ECAI in accordance with Article 136.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-60cbf3c6-cd6a-437a-bab4-936c0c32eb35">Table 7</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="36%"><col width="9%"><col width="9%"><col width="11%"><col width="11%"><col width="11%"><col width="11%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit Quality Step</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">6</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
</tr></tbody></table></div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 132 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall calculate the risk-weighted exposure amount for their exposures in the form of units or shares in a CIU by multiplying the risk-weighted exposure amount of the CIU's exposures, calculated in accordance with the approaches referred to in the first subparagraph of paragraph 2, with the percentage of units or shares held by those institutions.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where the conditions set out in paragraph 3 of this Article are met, institutions may apply the look-through approach in accordance with Article 132a(1) or the mandate-based approach in accordance with Article 132a(2).</div>
</div>
<p class="norm">Subject to Article 132b(2), institutions that do not apply the look-through approach or the mandate-based approach shall assign a risk weight of 1 250 % (‘fall-back approach’) to their exposures in the form of units or shares in a CIU.</p>
<p class="norm">Institutions may calculate the risk-weighted exposure amount for their exposures in the form of units or shares in a CIU by using a combination of the approaches referred to in this paragraph, provided that the conditions for using those approaches are met.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may determine the risk-weighted exposure amount of a CIU's exposures in accordance with the approaches set out in Article 132a where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the CIU is one of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an undertaking for collective investment in transferable securities (UCITS), governed by Directive 2009/65/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an AIF managed by an EU AIFM registered under Article 3(3) of Directive 2011/61/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an AIF managed by an EU AIFM authorised under Article 6 of Directive 2011/61/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an AIF managed by a non-EU AIFM authorised under Article 37 of Directive 2011/61/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a non-EU AIF managed by a non-EU AIFM and marketed in accordance with Article 42 of Directive 2011/61/EU;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(vi) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a non-EU AIF not marketed in the Union and managed by a non-EU AIFM established in a third country that is covered by a delegated act referred to in Article 67(6) of Directive 2011/61/EU;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the CIU's prospectus or equivalent document includes the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the categories of assets in which the CIU is authorised to invest;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where investment limits apply, the relative limits and the methodologies to calculate them;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">reporting by the CIU or the CIU management company to the institution complies with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposures of the CIU are reported at least as frequently as those of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the granularity of the financial information is sufficient to allow the institution to calculate the CIU's risk -weighted exposure amount in accordance with the approach chosen by the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the institution applies the look-through approach, information about the underlying exposures is verified by an independent third party.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<p class="norm">By way of derogation from point (a) of the first subparagraph of this paragraph, multilateral and bilateral development banks and other institutions that co-invest in a CIU with multilateral or bilateral development banks may determine the risk-weighted exposure amount of that CIU's exposures in accordance with the approaches set out in Article 132a, provided that the conditions set out in points (b) and (c) of the first subparagraph of this paragraph are met and that the CIU's investment mandate limits the types of assets that the CIU can invest in to assets that promote sustainable development in developing countries.</p>
<p class="norm">Institutions shall notify their competent authority of the CIUs to which they apply the treatment referred to in the second subparagraph.</p>
<p class="norm">By way of derogation from point (c)(i) of the first subparagraph, where the institution determines the risk-weighted exposure amount of a CIU's exposures in accordance with the mandate-based approach, the reporting by the CIU or the CIU management company to the institution may be limited to the investment mandate of the CIU and any changes thereof and may be done only when the institution incurs the exposure to the CIU for the first time and when there is a change in the investment mandate of the CIU.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions that do not have adequate data or information to calculate the risk-weighted exposure amount of a CIU's exposures in accordance with the approaches set out in Article 132a may rely on the calculations of a third party, provided that all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the third party is one of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the depository institution or the depository financial institution of the CIU, provided that the CIU exclusively invests in securities and deposits all securities at that depository institution or depository financial institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for CIUs not covered by point (i) of this point, the CIU management company, provided that the company meets the condition set out in point (a) of paragraph 3;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the third party carries out the calculation in accordance with the approaches set out in Article 132a(1), (2) or (3), as applicable;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an external auditor has confirmed the correctness of the third party's calculation.</p>
</div>
</div>
</div>
</div>
<p class="norm">Institutions that rely on third-party calculations shall multiply the risk-weighted exposure amount of a CIU's exposures resulting from those calculations by a factor of 1,2.</p>
<p class="norm">By way of derogation from the second subparagraph, where the institution has unrestricted access to the detailed calculations carried out by the third party, the factor of 1,2 shall not apply. The institution shall provide those calculations to its competent authority upon request.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Where an institution applies the approaches referred to in Article 132a for the purpose of calculating the risk-weighted exposure amount of a CIU's exposures (‘level 1 CIU’), and any of the underlying exposures of the level 1 CIU is an exposure in the form of units or shares in another CIU (‘level 2 CIU’), the risk-weighted exposure amount of the level 2 CIU's exposures may be calculated by using any of the three approaches described in paragraph 2 of this Article. The institution may use the look-through approach to calculate the risk-weighted exposure amounts of CIUs' exposures in level 3 and any subsequent level only where it used that approach for the calculation in the preceding level. In any other scenario it shall use the fall-back approach.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">The risk-weighted exposure amount of a CIU's exposures calculated in accordance with the look-through approach and the mandate-based approach set out in Article 132a(1) and (2) shall be capped at the risk-weighted amount of that CIU's exposures calculated in accordance with the fall-back approach.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">By way of derogation from paragraph 1 of this Article, institutions that apply the look-through approach in accordance with Article 132a(1) may calculate the risk-weighted exposure amount for their exposures in the form of units or shares in a CIU by multiplying the exposure values of those exposures, calculated in accordance with Article 111, with the risk weight (<p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAAoAD0BAREA/8QAHAAAAgIDAQEAAAAAAAAAAAAAAAcFCAIEBgkD/8QALRAAAgEEAQQCAgECBwAAAAAAAQIDBAUGEQcACBITISIUMQkVIxgkMkFSgbH/2gAIAQEAAD8A9U+jo6Ojr5zzw00MlRUypFFEpd3dgqqoGyST+gB0vrR3C8LX3IWxq18j2Sap9dteCb8pRSVhrxKaOOmqD/aqJJRBKVjjZm0pOumJ++oXM7hldqxqtr8Ixyhv17hVDS26tuZt8M5LgMGqBFL69KWI/tnZAHxvYq3wN3qc1dxGJXvNcB7YLXLQ47eJbJX0cmfxpXvPEkbyCBHolhc+Mo8fOaNWII8gPnprcI9z2N9w2C5FfeNbFWRZRjEs1uuWM34tQTUdzRW8aaeVUkVVZkI9iK+tHa7BXriu3/u35I5o5ozbhy/8C0WIVPHriG+1MuXrVOJJA/oNPAKVGmjk8N+zahUdD8lgpw4n7uOTc+7lL7225TwLa8XueLUf9Su1aM1SsH4jBPVNTQikRpw5lh3sp4B/tptIekrec+XazuMq+3yl4GpHsyW+O6zZYcqhaOK2TM8SztRmn8jIZY5EEHl8+BJYL89Jzir+OWPjjnmr5RTLoJ44JbZcKaqktFtYVdQHZq6NretKtPRglIWimpysqMZDs7IN4OsW/X/Y/wDevMb+N+/8/WXhrlVuHeNcPyaNc5usqteMnmt05rBSweMSQpSyJIpATRaaPZYglQPLp3fxoYxiV0wHL+f6fJau9ZlyZf56jK2np/x1oKyF3Joo4/ZISiNO5V2bydXQ6XWuorlVT2/fyOcf8nxn8bHOa7LLiF3b59YucBUwSMQdKzf5VRsfoSH/AJFVTequ8cc8+cJ989YaqO2cw5JcbHfDNIfCG0VzCOyA/BCgUccUpBI+0ZOl2Qlze3cDLL3yLzZK8UkeXZFJbbTKjbU2e1FqKnKn9FJJ1rahSCdioB3rSq3bNfLLkdvS7Y/d6K50UrOiVNHUJPEzKxVgHQkEhgQfn4II63uoPNI8ylxqsTj6pssF/Pr/AA5LzDNNRqfNfP2JC6Ofp5a0w+2t7Gx1XPsu7XuWe1umvuL3vNMQv2PZDd6rIKlqS21cFalbLHEgRGeVo/SBFvRUttv9XUJ269qPOnbrPfOOcVzPGl49umfxZbHdEnnF6WgAQy0EkJhMLmX0U8LSewajMzABmUL3Xe52q/4seM7RhtJcqa3XG03+kuUdVO5UCn2Y6pAQj/ZoXYqNaLogJA31ud3XbDT9w3bpWcNYy9ttNfRNRVGPz1XmIKKamYKuyqs6j0mSPajf2/3GwWdj+DRYJxXQ8d4etERZLGlptxr4mkgdo4PWjTqG83VmAZ/t5NtvnZ30q+wy5WK+dseNX2w4FjuHxVtddxNa7BFIlGs0NxqKdnT2Mz/f0hvsx1sAaAAFg+jo6Ojo617hSNX0FTRJVz0rVETxLPTsBLEWBAdCQQGG9jYI2B8Hrh+D+FsZ4CwSLjrDrre6yz01VUVVOt2rBUyQtO5klVX8VPi0jSSaOz5SN86OgwOv/9k=" width="61" height="40" alt="image"></p>) calculated in accordance with the formula set out in Article 132c, provided that the following conditions are met:<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institutions measure the value of their holdings of units or shares in a CIU at historical cost but measure the value of the underlying assets of the CIU at fair value if they apply the look-through approach;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a change in the market value of the units or shares for which institutions measure the value at historical cost changes neither the amount of own funds of those institutions nor the exposure value associated with those holdings.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 132a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Where the conditions set out in Article 132(3) are met, institutions that have sufficient information about the individual underlying exposures of a CIU shall look through to those exposures to calculate the risk-weighted exposure amount of the CIU, risk weighting all underlying exposures of the CIU as if they were directly held by those institutions.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where the conditions set out in Article 132(3) are met, institutions that do not have sufficient information about the individual underlying exposures of a CIU to use the look-through approach may calculate the risk-weighted exposure amount of those exposures in accordance with the limits set in the CIU's mandate and relevant law.</div>
</div>
<p class="norm">Institutions shall carry out the calculations referred to in the first subparagraph under the assumption that the CIU first incurs exposures to the maximum extent allowed under its mandate or relevant law in the exposures attracting the highest own funds requirement and then continues incurring exposures in descending order until the maximum total exposure limit is reached, and that the CIU applies leverage to the maximum extent allowed under its mandate or relevant law, where applicable.</p>
<p class="norm">Institutions shall carry out the calculations referred to in the first subparagraph in accordance with the methods set out in this Chapter, in Chapter 5, and in Section 3, 4 or 5 of Chapter 6 of this Title.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">By way of derogation from point (d) of Article 92(3), institutions that calculate the risk-weighted exposure amount of a CIU's exposures in accordance with paragraph 1 or 2 of this Article may calculate the own funds requirement for the credit valuation adjustment risk of derivative exposures of that CIU as an amount equal to 50 % of the own funds requirement for those derivative exposures calculated in accordance with Section 3, 4 or 5 of Chapter 6 of this Title, as applicable.</div>
</div>
<p class="norm">By way of derogation from the first subparagraph, an institution may exclude from the calculation of the own funds requirement for credit valuation adjustment risk derivative exposures which would not be subject to that requirement if they were incurred directly by the institution.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify how institutions shall calculate the risk-weighted exposure amount referred to in paragraph 2 where one or more of the inputs required for that calculation are not available.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 March 2020.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 132b -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions may exclude from the calculations referred to in Article 132 Common Equity Tier 1, Additional Tier 1, Tier 2 instruments and eligible liabilities instruments held by a CIU which institutions shall deduct in accordance with Article 36(1) and Articles 56, 66 and 72e respectively.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions may exclude from the calculations referred to in Article 132 exposures in the form of units or shares in CIUs referred to in points (g) and (h) of Article 150(1) and instead apply the treatment set out in Article 133 to those exposures.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 132c -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the risk-weighted exposure amount for their off-balance-sheet items with the potential to be converted into exposures in the form of units or shares in a CIU by multiplying the exposure values of those exposures calculated in accordance with Article 111, with the following risk weight:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for all exposures for which institutions use one of the approaches set out in Article 132a:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="241" height="70" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="61" height="40" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the risk weight;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">i</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index denoting the CIU:</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RWAE<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the amount calculated in accordance with Article 132a for a CIU<span class="subscript">i</span>;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="35" height="40" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the exposure value of the exposures of CIU<span class="subscript">i</span>;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">A<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the accounting value of assets of CIU<span class="subscript">i</span>; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">EQ<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the accounting value of the equity of CIU<span class="subscript">i</span>.</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">for all other exposures, <p class="container-center">
<img src="data:image/jpg;base64,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" width="167" height="40" alt="image"></p>.</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall calculate the exposure value of a minimum value commitment that meets the conditions set out in paragraph 3 of this Article as the discounted present value of the guaranteed amount using a default risk-free discount factor. Institutions may reduce the exposure value of the minimum value commitment by any losses recognised with respect to the minimum value commitment under the applicable accounting standard.</div>
</div>
<p class="norm">Institutions shall calculate the risk-weighted exposure amount for off-balance-sheet exposures arising from minimum value commitments that meet all the conditions set out in paragraph 3 of this Article by multiplying the exposure value of those exposures by a conversion factor of 20 % and the risk weight derived under Article 132 or 152.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall determine the risk-weighted exposure amount for off-balance-sheet exposures arising from minimum value commitments in accordance with paragraph 2 where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the off-balance-sheet exposure of the institution is a minimum value commitment for an investment into units or shares of one or more CIUs under which the institution is only obliged to pay out under the minimum value commitment where the market value of the underlying exposures of the CIU or CIUs is below a predetermined threshold at one or more points in time, as specified in the contract;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the CIU is any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a UCITS as defined in Directive 2009/65/EC; or</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an AIF as defined in point (a) of Article 4(1) of Directive 2011/61/EU which solely invests in transferable securities or in other liquid financial assets referred to in Article 50(1) of Directive 2009/65/EC, where the mandate of the AIF does not allow a leverage higher than that allowed under Article 51(3) of Directive 2009/65/EC;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the current market value of the underlying exposures of the CIU underlying the minimum value commitment without considering the effect of the off-balance-sheet minimum value commitments covers or exceeds the present value of the threshold specified in the minimum value commitment;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">when the excess of the market value of the underlying exposures of the CIU or CIUs over the present value of the minimum value commitment declines, the institution, or another undertaking in so far as it is covered by the supervision on a consolidated basis to which the institution itself is subject in accordance with this Regulation and Directive 2013/36/EU or Directive 2002/87/EC, can influence the composition of the underlying exposures of the CIU or CIUs or limit the potential for a further reduction of the excess in other ways;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the ultimate direct or indirect beneficiary of the minimum value commitment is typically a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 133 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following exposures shall be considered equity exposures:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">non-debt exposures conveying a subordinated, residual claim on the assets or income of the issuer;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt exposures and other securities, partnerships, derivatives, or other vehicles, the economic substance of which is similar to the exposures specified in point (a).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Equity exposures shall be assigned a risk weight of 100 %, unless they are required to be deducted in accordance with Part Two, assigned a 250 % risk weight in accordance with Article 48(4), assigned a 1 250 % risk weight in accordance with Article 89(3) or treated as high risk items in accordance with Article 128.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Investments in equity or regulatory capital instruments issued by institutions shall be classified as equity claims, unless deducted from own funds or attracting a 250 % risk weight under Article 48(4) or treated as high risk items in accordance with Article 128.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 134 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Tangible assets within the meaning of item 10 under the heading 'Assets' in Article 4 of Directive 86/635/EEC shall be assigned a risk weight of 100 %.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Prepayments and accrued income for which an institution is unable to determine the counterparty in accordance with Directive 86/635/EEC, shall be assigned a risk weight of 100 %.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Cash items in the process of collection shall be assigned a 20 % risk weight. Cash in hand and equivalent cash items shall be assigned a 0 % risk weight.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Gold bullion held in own vaults or on an allocated basis to the extent backed by bullion liabilities shall be assigned a 0 % risk weight.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">In the case of asset sale and repurchase agreements and outright forward purchases, the risk weight shall be that assigned to the assets in question and not to the counterparties to the transactions.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Where an institution provides credit protection for a number of exposures subject to the condition that the nth default among the exposures shall trigger payment and that this credit event shall terminate the contract, the risk weights of the exposures included in the basket will be aggregated, excluding n-1 exposures, up to a maximum of 1 250 % and multiplied by the nominal amount of the protection provided by the credit derivative to obtain the risk-weighted exposure amount. The n-1 exposures to be excluded from the aggregation shall be determined on the basis that they shall include those exposures each of which produces a lower risk-weighted exposure amount than the risk-weighted exposure amount of any of the exposures included in the aggregation.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">The exposure value for leases shall be the discounted minimum lease payments. Minimum lease payments are the payments over the lease term that the lessee is or can be required to make and any bargain option the exercise of which is reasonably certain. A party other than the lessee may be required to make a payment related to the residual value of a leased property and that payment obligation fulfils the set of conditions in Article 201 regarding the eligibility of protection providers as well as the requirements for recognising other types of guarantees provided in Articles 213 to 215, that payment obligation may be taken into account as unfunded credit protection under Chapter 4. These exposures shall be assigned to the relevant exposure class in accordance with Article 112. When the exposure is a residual value of leased assets, the risk-weighted exposure amounts shall be calculated as follows: 1/t * 100 % * residual value, where t is the greater of 1 and the nearest number of whole years of the lease remaining.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 3 -
Recognition and mapping of credit risk assessmentSub-Section 1 -
Recognition of ECAIsArticle 135 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An external credit assessment may be used to determine the risk weight of an exposure under this Chapter only if it has been issued by an ECAI or has been endorsed by an ECAI in accordance with Regulation (EC) No 1060/2009.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">EBA shall publish the list of ECAIs in accordance with Article 2(4) and Article 18(3) of Regulation (EC) No 1060/2009 on its website.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 2 -
Mapping of ECAI's credit assessmentsArticle 136 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">EBA, EIOPA and ESMA shall, through the Joint Committee, develop draft implementing technical standards to specify for all ECAIs, with which of the credit quality steps set out in Section 2 the relevant credit assessments of the ECAI correspond (‘mapping’). Those determinations shall be objective and consistent.</div>
</div>
<p class="norm">EBA, EIOPA and ESMA shall submit those draft implementing technical standards to the Commission by 1 July 2014 and shall submit revised draft implementing technical standards where necessary.</p>
<p class="norm">Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010 respectively.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">When determining the mapping of credit assessments, EBA, EIOPA and ESMA shall comply with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in order to differentiate between the relative degrees of risk expressed by each credit assessment, EBA, EIOPA and ESMA shall consider quantitative factors such as the long-term default rate associated with all items assigned the same credit assessment. For recently established ECAIs and for those that have compiled only a short record of default data, EBA, EIOPA and ESMA shall ask the ECAI what it believes to be the long-term default rate associated with all items assigned the same credit assessment;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in order to differentiate between the relative degrees of risk expressed by each credit assessment, EBA, EIOPA and ESMA shall consider qualitative factors such as the pool of issuers that the ECAI covers, the range of credit assessments that the ECAI assigns, each credit assessment meaning and the ECAI's definition of default;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">EBA, EIOPA and ESMA shall compare default rates experienced for each credit assessment of a particular ECAI and compare them with a benchmark built on the basis of default rates experienced by other ECAIs on a population of issuers that present an equivalent level of credit risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the default rates experienced for the credit assessment of a particular ECAI are materially and systematically higher then the benchmark, EBA, EIOPA and ESMA shall assign a higher credit quality step in the credit quality assessment scale to the ECAI credit assessment;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where EBA, EIOPA and ESMA have increased the associated risk weight for a specific credit assessment of a particular ECAI, and where default rates experienced for that ECAI's credit assessment are no longer materially and systematically higher than the benchmark, EBA, EIOPA and ESMA may restore the original credit quality step in the credit quality assessment scale for the ECAI credit assessment.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">EBA, EIOPA and ESMA shall develop draft implementing technical standards to specify the quantitative factors referred to in point (a), the qualitative factors referred to in point (b) and the benchmark referred to in point (c) of paragraph 2.</div>
</div>
<p class="norm">EBA, EIOPA and ESMA shall submit those draft implementing technical standards to the Commission by 1 July 2014.</p>
<p class="norm">Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010 respectively.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 3 -
Use of credit assessments by Export Credit AgenciesArticle 137 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purpose of Article 114, institutions may use credit assessments of an Export Credit Agency that the institution has nominated, if either of the following conditions is met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is a consensus risk score from export credit agencies participating in the OECD ‘Arrangement on Guidelines for Officially Supported Export Credits’;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Export Credit Agency publishes its credit assessments, and the Export Credit Agency subscribes to the OECD agreed methodology, and the credit assessment is associated with one of the eight minimum export insurance premiums that the OECD agreed methodology establishes. An institution may revoke its nomination of an Export Credit Agency. An institution shall substantiate the revocation if there are concrete indications that the intention underlying the revocation is to reduce the capital adequacy requirements.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Exposures for which a credit assessment by an Export Credit Agency is recognised for risk weighting purposes shall be assigned a risk weight in accordance with Table 9.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-876a6c05-a3c7-45fb-ab09-d323f4db170b">Table 9</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="21%"><col width="8%"><col width="8%"><col width="9%"><col width="9%"><col width="11%"><col width="11%"><col width="11%"><col width="11%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">MEIP</p>
</td>
<td valign="top">
<p class="tbl-norm">0</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">7</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 4 -
Use of the ECAI credit assessments for the determination of risk weightsArticle 138 -
<p class="norm">An institution may nominate one or more ECAIs to be used for the determination of risk weights to be assigned to assets and off-balance sheet items. An institution may revoke its nomination of an ECAI. An institution shall substantiate the revocation if there are concrete indications that the intention underlying the revocation is to reduce the capital adequacy requirements. Credit assessments shall not be used selectively. An institution shall use solicited credit assessments. However it may use unsolicited credit assessments if EBA has confirmed that unsolicited credit assessments of an ECAI do not differ in quality from solicited credit assessments of this ECAI. EBA shall refuse or revoke this confirmation in particular if the ECAI has used an unsolicited credit assessment to put pressure on the rated entity to place an order for a credit assessment or other services. In using credit assessment, institutions shall comply with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution which decides to use the credit assessments produced by an ECAI for a certain class of items shall use those credit assessments consistently for all exposures belonging to that class;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution which decides to use the credit assessments produced by an ECAI shall use them in a continuous and consistent way over time;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall only use ECAIs credit assessments that take into account all amounts both in principal and in interest owed to it;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where only one credit assessment is available from a nominated ECAI for a rated item, that credit assessment shall be used to determine the risk weight for that item;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where two credit assessments are available from nominated ECAIs and the two correspond to different risk weights for a rated item, the higher risk weight shall be assigned;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where more than two credit assessments are available from nominated ECAIs for a rated item, the two assessments generating the two lowest risk weights shall be referred to. If the two lowest risk weights are different, the higher risk weight shall be assigned. If the two lowest risk weights are the same, that risk weight shall be assigned.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 139 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Where a credit assessment exists for a specific issuing programme or facility to which the item constituting the exposure belongs, this credit assessment shall be used to determine the risk weight to be assigned to that item.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where no directly applicable credit assessment exists for a certain item, but a credit assessment exists for a specific issuing programme or facility to which the item constituting the exposure does not belong or a general credit assessment exists for the issuer, then that credit assessment shall be used in either of the following cases:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it produces a higher risk weight than would otherwise be the case and the exposure in question ranks pari passu or junior in all respects to the specific issuing program or facility or to senior unsecured exposures of that issuer, as relevant;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it produces a lower risk weight and the exposure in question ranks pari passu or senior in all respects to the specific issuing programme or facility or to senior unsecured exposures of that issuer, as relevant.</p>
</div>
</div>
</div>
</div>
<p class="norm">In all other cases, the exposure shall be treated as unrated.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Paragraphs 1 and 2 are not to prevent the application of Article 129.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Credit assessments for issuers within a corporate group cannot be used as credit assessment of another issuer within the same corporate group.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 140 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Short-term credit assessments may only be used for short-term asset and off-balance sheet items constituting exposures to institutions and corporates.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Any short-term credit assessment shall only apply to the item the short-term credit assessment refers to, and it shall not be used to derive risk weights for any other item, except in the following cases:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if a short-term rated facility is assigned a 150 % risk weight, then all unrated unsecured exposures on that obligor whether short-term or long-term shall also be assigned a 150 % risk weight;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if a short-term rated facility is assigned a 50 % risk-weight, no unrated short-term exposure shall be assigned a risk weight lower than 100 %.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 141 -
<p class="norm">A credit assessment that refers to an item denominated in the obligor's domestic currency cannot be used to derive a risk weight for another exposure on that same obligor that is denominated in a foreign currency.</p>
<p class="norm">When an exposure arises through an institution's participation in a loan that has been extended by a multilateral development bank whose preferred creditor status is recognised in the market, the credit assessment on the obligors' domestic currency item may be used for risk weighting purposes.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 3 -
Internal Ratings Based ApproachSection 1 -
Permission by competent authorities to use the IRB approachArticle 142 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Chapter, the following definitions shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(1) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘rating system’ means all of the methods, processes, controls, data collection and IT systems that support the assessment of credit risk, the assignment of exposures to rating grades or pools, and the quantification of default and loss estimates that have been developed for a certain type of exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(2) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘type of exposures’ means a group of homogeneously managed exposures which are formed by a certain type of facilities and which may be limited to a single entity or a single sub-set of entities within a group provided that the same type of exposures is managed differently in other entities of the group;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(3) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘business unit’ means any separate organisational or legal entities, business lines, geographical locations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(4) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘large financial sector entity’ means any financial sector entity which meets the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">its total assets, calculated on an individual or consolidated basis, are greater than or equal to a EUR 70 billion threshold, using the most recent audited financial statement or consolidated financial statement in order to determine asset size; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is, or one of its subsidiaries is, subject to prudential regulation in the Union or to the laws of a third country which applies prudential supervisory and regulatory requirements at least equivalent to those applied in the Union;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(5) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘unregulated financial sector entity’ means an entity that is not a regulated financial sector entity but that performs, as its main business, one or more of the activities listed in Annex I to Directive 2013/36/EU or in Annex I to Directive 2004/39/EC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(6) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘obligor grade’ means a risk category within the obligor rating scale of a rating system, to which obligors are assigned on the basis of a specified and distinct set of rating criteria, from which estimates of probability of default (PD) are derived;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(7) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘facility grade’ means a risk category within a rating system's facility scale, to which exposures are assigned on the basis of a specified and distinct set of rating criteria, from which own estimates of LGD are derived.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of point (4)(b) of paragraph 1 of this Article, the Commission may adopt, by way of implementing acts, and subject to the examination procedure referred to in Article 464(2), a decision as to whether a third country applies supervisory and regulatory arrangements at least equivalent to those applied in the Union. In the absence of such a decision, until 1 January 2015, institutions may continue to apply the treatment set out in this paragraph to a third country where the relevant competent authorities had approved the third country as eligible for this treatment before 1 January 2014.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 143 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Where the conditions set out in this Chapter are met, the competent authority shall permit institutions to calculate their risk-weighted exposure amounts using the Internal Ratings Based Approach (hereinafter referred to as ‘IRB Approach’).</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Prior permission to use the IRB Approach, including own estimates of LGD and conversion factors, shall be required for each exposure class and for each rating system and internal models approaches to equity exposures and for each approach to estimating LGDs and conversion factors used.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall obtain the prior permission of the competent authorities for the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">material changes to the range of application of a rating system or an internal models approach to equity exposures that the institution has received permission to use;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">material changes to a rating system or an internal models approach to equity exposures that the institution has received permission to use.</p>
</div>
</div>
</div>
</div>
<p class="norm">The range of application of a rating system shall comprise all exposures of the relevant type of exposure for which that rating system was developed.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall notify the competent authorities of all changes to rating systems and internal models approaches to equity exposures.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the conditions for assessing the materiality of the use of an existing rating system for other additional exposures not already covered by that rating system and changes to rating systems or internal models approaches to equity exposures under the IRB Approach.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2013.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 144 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The competent authority shall grant permission pursuant to Article 143 for an institution to use the IRB Approach, including to use own estimates of LGD and conversion factors, only if the competent authority is satisfied that requirements laid down in this Chapter are met, in particular those laid down in Section 6, and that the systems of the institution for the management and rating of credit risk exposures are sound and implemented with integrity and, in particular, that the institution has demonstrated to the satisfaction of the competent authority that the following standards are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution's rating systems provide for a meaningful assessment of obligor and transaction characteristics, a meaningful differentiation of risk and accurate and consistent quantitative estimates of risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">internal ratings and default and loss estimates used in the calculation of own funds requirements and associated systems and processes play an essential role in the risk management and decision-making process, and in the credit approval, internal capital allocation and corporate governance functions of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has a credit risk control unit responsible for its rating systems that is appropriately independent and free from undue influence;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution collects and stores all relevant data to provide effective support to its credit risk measurement and management process;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution documents its rating systems and the rationale for their design and validates its rating systems;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has validated each rating system and each internal models approach for equity exposures during an appropriate time period prior to the permission to use this rating system or internal models approach to equity exposures, has assessed during this time period whether the rating system or internal models approaches for equity exposures are suited to the range of application of the rating system or internal models approach for equity exposures, and has made necessary changes to these rating systems or internal models approaches for equity exposures following from its assessment;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has calculated under the IRB Approach the own funds requirements resulting from its risk parameters estimates and is able to submit the reporting as required by Article 430;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has assigned and continues with assigning each exposure in the range of application of a rating system to a rating grade or pool of this rating system; the institution has assigned and continues with assigning each exposure in the range of application of an approach for equity exposures to this internal models approach.</p>
</div>
</div>
</div>
</div>
<p class="norm">The requirements to use an IRB Approach, including own estimates of LGD and conversion factors, apply also where an institution has implemented a rating system, or model used within a rating system, that it has purchased from a third-party vendor.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the assessment methodology competent authorities shall follow in assessing the compliance of an institution with the requirements to use the IRB Approach.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 145 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An institution applying to use the IRB Approach shall have been using for the IRB exposure classes in question rating systems that were broadly in line with the requirements set out in Section 6 for internal risk measurement and management purposes for at least three years prior to its qualification to use the IRB Approach.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">An institution applying for the use of own estimates of LGDs and conversion factors shall demonstrate to the satisfaction of the competent authorities that it has been estimating and employing own estimates of LGDs and conversion factors in a manner that is broadly consistent with the requirements for use of own estimates of those parameters set out in Section 6 for at least three years prior to qualification to use own estimates of LGDs and conversion factors.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where the institution extends the use of the IRB Approach subsequent to its initial permission, the experience of the institution shall be sufficient to satisfy the requirements of paragraphs 1 and 2 in respect of the additional exposures covered. If the use of rating systems is extended to exposures that are significantly different from the scope of the existing coverage, such that the existing experience cannot be reasonably assumed to be sufficient to meet the requirements of these provisions in respect of the additional exposures, then the requirements of paragraphs 1 and 2 shall apply separately for the additional exposures.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 146 -
<p class="norm">Where an institution ceases to comply with the requirements laid down in this Chapter, it shall notify the competent authority and do one of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">present to the satisfaction of the competent authority a plan for a timely return to compliance and realise this plan within a period agreed with the competent authority;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">demonstrate to the satisfaction of the competent authorities that the effect of non-compliance is immaterial.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 147 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The methodology used by the institution for assigning exposures to different exposure classes shall be appropriate and consistent over time.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Each exposure shall be assigned to one of the following exposure classes:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to central governments and central banks;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to corporates;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">retail exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">equity exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">items representing securitisation positions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">other non credit-obligation assets.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following exposures shall be assigned to the class laid down in point (a) of paragraph 2:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to regional governments, local authorities or public sector entities which are treated as exposures to central governments under Articles 115 and 116;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to multilateral development banks referred to in Article 117(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to International Organisations which attract a risk weight of 0 % under Article 118.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following exposures shall be assigned to the class laid down in point (b) of paragraph 2:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to regional governments and local authorities which are not treated as exposures to central governments in accordance with Article 115(2) and (4);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to public sector entities which are not treated as exposures to central governments in accordance with Article 116(4);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to multilateral development banks which are not assigned a 0 % risk weight under Article 117; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to financial institutions which are treated as exposures to institutions in accordance with Article 119(5).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">To be eligible for the retail exposure class laid down in point (d) of paragraph 2, exposures shall meet the following criteria:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall be one of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to one or more natural persons;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to an SME, provided in that case that the total amount owed to the institution and parent undertakings and its subsidiaries, including any past due exposure, by the obligor client or group of connected clients, but excluding exposures secured on residential property collateral, shall not, to the knowledge of the institution, which shall have taken reasonable steps to confirm the situation, exceed EUR 1 million;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are treated by the institution in its risk management consistently over time and in a similar manner;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are not managed just as individually as exposures in the corporate exposure class;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they each represent one of a significant number of similarly managed exposures.</p>
</div>
</div>
</div>
</div>
<p class="norm">In addition to the exposures listed in the first subparagraph, the present value of retail minimum lease payments shall be included in the retail exposure class.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following exposures shall be assigned to the equity exposure class laid down in point (e) of paragraph 2:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">non-debt exposures conveying a subordinated, residual claim on the assets or income of the issuer;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt exposures and other securities, partnerships, derivatives, or other vehicles, the economic substance of which is similar to the exposures specified in point (a).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">Any credit obligation not assigned to the exposure classes laid down in points (a), (b), (d), (e) and (f) of paragraph 2 shall be assigned to the corporate exposure class referred to in point (c) of that paragraph.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">
<p class="norm inline-element">Within the corporate exposure class laid down in point (c) of paragraph 2, institutions shall separately identify as specialised lending exposures, exposures which possess the following characteristics:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure is to an entity which was created specifically to finance or operate physical assets or is an economically comparable exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the contractual arrangements give the lender a substantial degree of control over the assets and the income that they generate;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the primary source of repayment of the obligation is the income generated by the assets being financed, rather than the independent capacity of a broader commercial enterprise.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">The residual value of leased properties shall be assigned to the exposure class laid down in point (g) of paragraph 2, except to the extent that residual value is already included in the lease exposure laid down in Article 166(4).</div>
</div>
<div class="norm">
<span class="no-parag">10. </span>
<div class="norm inline-element">The exposure from providing protection under an nth-to-default basket credit derivative shall be assigned to the same class laid down in paragraph 2 to which the exposures in the basket would be assigned, except if the individual exposures in the basket would be assigned to various exposure classes in which case the exposure shall be assigned to the corporates exposure class laid down in point (c) of paragraph 2.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 148 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions and any parent undertaking and its subsidiaries shall implement the IRB Approach for all exposures, unless they have received the permission of the competent authorities to permanently use the Standardised Approach in accordance with Article 150.</div>
</div>
<p class="norm">Subject to the prior permission of the competent authorities, implementation may be carried out sequentially across the different exposure classes referred to in Article 147 within the same business unit, across different business units in the same group or for the use of own estimates of LGDs or conversion factors for the calculation of risk weights for exposures to corporates, institutions, and central governments and central banks.</p>
<p class="norm">In the case of the retail exposure class referred to in Article 147(5), implementation may be carried out sequentially across the categories of exposures to which the different correlations in Article 154 correspond.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Competent authorities shall determine the time period over which an institution and any parent undertaking and its subsidiaries shall be required to implement the IRB Approach for all exposures. This time period shall be one that competent authorities consider to be appropriate on the basis of the nature and scale of the activities of the institutions, or any parent undertaking and its subsidiaries, and the number and nature of rating systems to be implemented.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall carry out implementation of the IRB Approach in accordance with conditions determined by the competent authorities. The competent authority shall design those conditions such that they ensure that the flexibility under paragraph 1 is not used selectively for the purposes of achieving reduced own funds requirements in respect of those exposure classes or business units that are yet to be included in the IRB Approach or in the use of own estimates of LGDs and conversion factors.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions that have begun to use the IRB Approach only after 1 January 2013 or that have until that date been required by the competent authorities to be able to calculate their capital requirements using the Standardised Approach shall retain their ability to calculate capital requirements using the Standardised Approach for all their exposures during the implementation period until the competent authorities notify them that they are satisfied that the implementation of the IRB Approach will be completed with reasonable certainty.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">An institution that is permitted to use the IRB Approach for any exposure class shall use the IRB Approach for the equity exposure class laid down in point (e) of Article 147(2), except where that institution is permitted to apply the Standardised Approach for equity exposures pursuant to Article 150 and for the other non credit-obligation assets exposure class laid down in point (g) of Article 147(2).</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the conditions according to which competent authorities shall determine the appropriate nature and timing of the sequential roll out of the IRB Approach across exposure classes referred to in paragraph 3.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 149 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution that uses the IRB Approach for a particular exposure class or type of exposure shall not stop using that approach and use instead the Standardised Approach for the calculation of risk-weighted exposure amounts unless the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has demonstrated to the satisfaction of the competent authority that the use of the Standardised Approach is not proposed in order to reduce the own funds requirement of the institution, is necessary on the basis of nature and complexity of the institution's total exposures of this type and would not have a material adverse impact on the solvency of the institution or its ability to manage risk effectively;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has received the prior permission of the competent authority.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions which have obtained permission under Article 151(9) to use own estimates of LGDs and conversion factors, shall not revert to the use of LGD values and conversion factors referred to in Article 151(8) unless the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has demonstrated to the satisfaction of the competent authority that the use of LGDs and conversion factors laid down in Article 151(8) for a certain exposure class or type of exposure is not proposed in order to reduce the own funds requirement of the institution, is necessary on the basis of nature and complexity of the institution's total exposures of this type and would not have a material adverse impact on the solvency of the institution or its ability to manage risk effectively;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has received the prior permission of the competent authority.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The application of paragraphs 1 and 2 is subject to the conditions for rolling out the IRB Approach determined by the competent authorities in accordance with Article 148 and the permission for permanent partial use referred to in Article 150.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 150 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where institutions have received the prior permission of the competent authorities, institutions permitted to use the IRB Approach in the calculation of risk-weighted exposure amounts and expected loss amounts for one or more exposure classes may apply the Standardised Approach for the following exposures:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure class laid down in Article 147(2)(a), where the number of material counterparties is limited and it would be unduly burdensome for the institution to implement a rating system for these counterparties;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure class laid down in Article 147(2)(b), where the number of material counterparties is limited and it would be unduly burdensome for the institution to implement a rating system for these counterparties;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures in non-significant business units as well as exposure classes or types of exposures that are immaterial in terms of size and perceived risk profile;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to central governments and central banks of the Member States and their regional governments, local authorities, administrative bodies and public sector entities provided that:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is no difference in risk between the exposures to that central government and central bank and those other exposures because of specific public arrangements; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to central governments and central banks are assigned a 0 % risk weight under Article 114(2) or (4);</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures of an institution to a counterparty which is its parent undertaking, its subsidiary or a subsidiary of its parent undertaking provided that the counterparty is an institution or a financial holding company, mixed financial holding company, financial institution, asset management company or ancillary services undertaking subject to appropriate prudential requirements or an undertaking linked by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures between institutions which meet the requirements set out in Article 113(7);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">equity exposures to entities whose credit obligations are assigned a 0 % risk weight under Chapter 2 including those publicly sponsored entities where a 0 % risk weight can be applied;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">equity exposures incurred under legislative programmes to promote specified sectors of the economy that provide significant subsidies for the investment to the institution and involve some form of government oversight and restrictions on the equity investments where such exposures may in aggregate be excluded from the IRB Approach only up to a limit of 10 % of own funds;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposures identified in Article 119(4) meeting the conditions specified therein;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">State and State-reinsured guarantees referred to in Article 215(2).</p>
</div>
</div>
</div>
</div>
<p class="norm">The competent authorities shall permit the application of Standardised Approach for equity exposures referred to in points (g) and (h) of the first subparagraph which have been permitted for that treatment in other Member States. EBA shall publish on its website and regularly update a list of the exposures referred to in those points to be treated according to the Standardised Approach.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of paragraph 1, the equity exposure class of an institution shall be material if their aggregate value, excluding equity exposures incurred under legislative programmes as referred to in point (h) of paragraph 1, exceeds on average over the preceding year 10 % of the own funds of the institution. Where the number of those equity exposures is less than 10 individual holdings, that threshold shall be 5 % of the own funds of the institution.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to determine the conditions of application of points (a), (b) and (c) of paragraph 1.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">EBA shall issue guidelines on the application of point (d) of paragraph 1 in 2018, recommending limits in terms of a percentage of total balance sheet and/or risk weighted assets to be calculated in accordance with the Standardised Approach.</div>
</div>
<p class="norm">Those guidelines shall be adopted in accordance with Article 16 of Regulation (EU) No 1093/2010.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
Calculation of risk-weighted exposure amountsSub-Section 1 -
Treatment by type of exposure classArticle 151 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The risk-weighted exposure amounts for credit risk for exposures belonging to one of the exposure classes referred to in points (a) to (e) and (g) of 147(2) shall, unless deducted from own funds, be calculated in accordance with Sub-section 2 except where those exposures are deducted from Common Equity Tier 1 items, Additional Tier 1 items or Tier 2 items.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The risk-weighted exposure amounts for dilution risk for purchased receivables shall be calculated in accordance with Article 157. Where an institution has full recourse to the seller of purchased receivables for default risk and for dilution risk, the provisions of this Article and Article 152 and Article 158(1) to (4) in relation to purchased receivables shall not apply and the exposure shall be treated as a collateralised exposure.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The calculation of risk-weighted exposure amounts for credit risk and dilution risk shall be based on the relevant parameters associated with the exposure in question. These shall include PD, LGD, maturity (hereinafter referred to as ‘M’) and exposure value of the exposure. PD and LGD may be considered separately or jointly, in accordance with Section 4.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall calculate risk-weighted exposure amounts for credit risk for all exposures belonging to the exposure class ‘equity’ referred to in point (e) of Article 147(2) in accordance with Article 155. Institutions may use the approaches set out in Article 155(3) and (4) where they have received the prior permission of the competent authorities. Competent authorities shall grant permission for an institution to use the internal models approach set out in Article 155(4) provided that the institution meets the requirements set out in Sub-section 4 of Section 6.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The calculation of risk weighted exposure amounts for credit risk for specialised lending exposures may be calculated in accordance with Article 153(5).</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">For exposures belonging to the exposure classes referred to in points (a) to (d) of Article 147(2), institutions shall provide their own estimates of PDs in accordance with Article 143 and Section 6.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">For exposures belonging to the exposure class referred to in point (d) of Article 147(2), institutions shall provide own estimates of LGDs and conversion factors in accordance with Article 143 and Section 6.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">For exposures belonging to the exposure classes referred to in points (a) to (c) of Article 147(2), institutions shall apply the LGD values set out in Article 161(1), and the conversion factors set out in Article 166(8)(a) to (d), unless it has been permitted to use its own estimates of LGDs and conversion factors for those exposure classes in accordance with paragraph 9.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">For all exposures belonging to the exposure classes referred to in points (a) to (c) of Article 147(2), the competent authority shall permit institutions to use own estimates of LGDs and conversion factors in accordance with Article 143 and Section 6.</div>
</div>
<div class="norm">
<span class="no-parag">10. </span>
<div class="norm inline-element">The risk-weighted exposure amounts for securitised exposures and for exposures belonging to the exposure class referred to in point (f) of Article 147(2) shall be calculated in accordance with Chapter 5.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 152 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall calculate the risk-weighted exposure amounts for their exposures in the form of units or shares in a CIU by multiplying the risk-weighted exposure amount of the CIU, calculated in accordance with the approaches set out in paragraphs 2 and 5, with the percentage of units or shares held by those institutions.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where the conditions set out in Article 132(3) are met, institutions that have sufficient information about the individual underlying exposures of a CIU shall look through to those underlying exposures to calculate the risk-weighted exposure amount of the CIU, risk weighting all underlying exposures of the CIU as if they were directly held by the institutions.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">By way of derogation from point (d) of Article 92(3), institutions that calculate the risk-weighted exposure amount of the CIU in accordance with paragraph 1 or 2 of this Article may calculate the own funds requirement for credit valuation adjustment risk of derivative exposures of that CIU as an amount equal to 50 % of the own funds requirement for those derivative exposures calculated in accordance with Section 3, 4 or 5 of Chapter 6 of this Title, as applicable.</div>
</div>
<p class="norm">By way of derogation from the first subparagraph, an institution may exclude from the calculation of the own funds requirement for credit valuation adjustment risk derivative exposures which would not be subject to that requirement if they were incurred directly by the institution.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions that apply the look-through approach in accordance with paragraphs 2 and 3 of this Article and that meet the conditions for permanent partial use in accordance with Article 150, or that do not meet the conditions for using the methods set out in this Chapter or one or more of the methods set out in Chapter 5 for all or parts of the underlying exposures of the CIU, shall calculate risk-weighted exposure amounts and expected loss amounts in accordance with the following principles:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for exposures assigned to the equity exposure class referred to in point (e) of Article 147(2), institutions shall apply the simple risk-weight approach set out in Article 155(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for exposures assigned to the items representing securitisation positions referred to in point (f) of Article 147(2), institutions shall apply the treatment set out in Article 254 as if those exposures were directly held by those institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for all other underlying exposures, institutions shall apply the Standardised Approach laid down in Chapter 2 of this Title.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of point (a) of the first subparagraph, where the institution is unable to differentiate between private equity exposures, exchange-traded exposures and other equity exposures, it shall treat the exposures concerned as other equity exposures.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Where the conditions set out in Article 132(3) are met, institutions that do not have sufficient information about the individual underlying exposures of a CIU may calculate the risk-weighted exposure amount for those exposures in accordance with the mandate-based approach set out in Article 132a(2). However, for the exposures listed in points (a), (b) and (c) of paragraph 4 of this Article, institutions shall apply the approaches set out therein.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Subject to Article 132b(2), institutions that do not apply the look-through approach in accordance with paragraphs 2 and 3 of this Article or the mandate-based approach in accordance with paragraph 5 of this Article shall apply the fall-back approach referred to in Article 132(2).</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">Institutions may calculate the risk-weighted exposure amount for their exposures in the form of units or shares in a CIU by using a combination of the approaches referred to in this Article, provided that the conditions for using those approaches are met.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions that do not have adequate data or information to calculate the risk-weighted amount of a CIU in accordance with the approaches set out in paragraphs 2, 3, 4 and 5 may rely on the calculations of a third party, provided that all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the third party is one of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the depository institution or the depository financial institution of the CIU, provided that the CIU exclusively invests in securities and deposits all securities at that depository institution or depository financial institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for CIUs not covered by point (i) of this point, the CIU management company, provided that the CIU management company meets the criteria set out in point (a) of Article 132(3);</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for exposures other than those listed in points (a), (b) and (c) of paragraph 4 of this Article, the third party carries out the calculation in accordance with the look-through approach set out in Article 132a(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for exposures listed in points (a), (b) and (c) of paragraph 4, the third party carries out the calculation in accordance with the approaches set out therein;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an external auditor has confirmed the correctness of the third party's calculation.</p>
</div>
</div>
</div>
</div>
<p class="norm">Institutions that rely on third-party calculations shall multiply the risk weighted exposure amounts of a CIU's exposures resulting from those calculations by a factor of 1,2.</p>
<p class="norm">By way of derogation from the second subparagraph, where the institution has unrestricted access to the detailed calculations carried out by the third party, the 1,2 factor shall not apply. The institution shall provide those calculations to its competent authority upon request.</p>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">For the purposes of this Article, Article 132(5) and (6) and Article 132b shall apply. For the purposes of this Article, Article 132c shall apply, using the risk weights calculated in accordance with Chapter 3 of this Title.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 2 -
Calculation of risk-weighted exposure amounts for credit riskArticle 153 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Subject to the application of the specific treatments laid down in paragraphs 2, 3 and 4, the risk-weighted exposure amounts for exposures to corporates, institutions and central governments and central banks shall be calculated according to the following formulae:</p>
<p class="norm inline-element">
<span class="italics">Risk – weighted exposure amount = RW · exposure value</span>
</p>
<p class="norm inline-element">where the risk weight RW is defined as</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if PD = 0, RW shall be 0;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if PD = 1, i.e., for defaulted exposures:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>— </span>
</div>
<div class="grid-list-column-2">
<div class="list">where institutions apply the LGD values set out in Article 161(1), RW shall be 0;</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>— </span>
</div>
<div class="grid-list-column-2">
<div class="list">where institutions use own estimates of LGDs, RW shall be <p class="container-center">
<img src="data:image/jpg;base64,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" width="396" height="35" alt="image"></p>;</div>
</div>
</div>
<p class="list">where the expected loss best estimate (hereinafter referred to as ‘EL<span class="subscript">BE</span>’) shall be the institution's best estimate of expected loss for the defaulted exposure in accordance with Article 181(1)(h);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if 0 < PD < 1</p>
<p class="container-center">
<img 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" width="1149" height="82" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">N(x)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the cumulative distribution function for a standard normal random variable (i.e. the probability that a normal random variable with mean zero and variance of one is less than or equal to x);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">G(Z)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">denotes the inverse cumulative distribution function for a standard normal random variable (i.e. the value x such that N(x) = z)</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">R</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">denotes the coefficient of correlation, is defined as</p>
<p class="container-center">
<img 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" width="567" height="69" alt="image"></p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">b</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the maturity adjustment factor, which is defined as</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="371" height="40" alt="image"></p>.</td>
</tr></table></div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For all exposures to large financial sector entities, the co-efficient of correlation of paragraph 1(iii) is multiplied by 1,25. For all exposures to unregulated financial sector entities, the coefficients of correlation set out in paragraph 1(iii) and paragraph 4, as relevant, are multiplied by 1,25.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The risk-weighted exposure amount for each exposure which meets the requirements set out in Articles 202 and 217 may be adjusted in accordance with the following formula:</p>
<p class="norm inline-element">
<span class="italics">Risk – weighted exposure amount = RW · exposure value</span> · (0.15 + 160 · <span class="italics">PD<span class="subscript">pp</span>
</span>)</p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">PD<span class="subscript">pp</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">PD of the protection provider.</p>
</td>
</tr></table></div>
</div>
<p class="norm">RW shall be calculated using the relevant risk weight formula set out in point 1 for the exposure, the PD of the obligor and the LGD of a comparable direct exposure to the protection provider. The maturity factor (b) shall be calculated using the lower of the PD of the protection provider and the PD of the obligor.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">For exposures to companies where the total annual sales for the consolidated group of which the firm is a part is less than EUR 50 million, institutions may use the following correlation formula in paragraph 1 (iii) for the calculation of risk weights for corporate exposures. In this formula S is expressed as total annual sales in millions of euro with EUR 5 million ≤ S ≤ EUR 50 million. Reported sales of less than EUR 5 million shall be treated as if they were equivalent to EUR 5 million. For purchased receivables the total annual sales shall be the weighted average by individual exposures of the pool.</p>
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" width="988" height="69" alt="image"></p>
</div>
</div>
<p class="norm">Institutions shall substitute total assets of the consolidated group for total annual sales when total annual sales are not a meaningful indicator of firm size and total assets are a more meaningful indicator than total annual sales.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">For specialised lending exposures in respect of which an institution is not able to estimate PDs or the institutions' PD estimates do not meet the requirements set out in Section 6, the institution shall assign risk weights to these exposures in accordance with Table 1, as follows:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-b220510e-33f0-4050-872a-0d48e98697a4">Table 1</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="36%"><col width="13%"><col width="13%"><col width="13%"><col width="13%"><col width="13%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Remaining Maturity</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Category 1</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Category 2</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Category 3</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Category 4</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Category 5</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Less than 2,5 years</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">70 %</p>
</td>
<td valign="top">
<p class="tbl-norm">115 %</p>
</td>
<td valign="top">
<p class="tbl-norm">250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Equal or more than 2,5 years</p>
</td>
<td valign="top">
<p class="tbl-norm">70 %</p>
</td>
<td valign="top">
<p class="tbl-norm">90 %</p>
</td>
<td valign="top">
<p class="tbl-norm">115 %</p>
</td>
<td valign="top">
<p class="tbl-norm">250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<p class="norm">In assigning risk weights to specialised lending exposures institutions shall take into account the following factors: financial strength, political and legal environment, transaction and/or asset characteristics, strength of the sponsor and developer, including any public private partnership income stream, and security package.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">For their purchased corporate receivables institutions shall comply with the requirements set out in Article 184. For purchased corporate receivables that comply in addition with the conditions set out in Article 154(5), and where it would be unduly burdensome for an institution to use the risk quantification standards for corporate exposures as set out in Section 6 for these receivables, the risk quantification standards for retail exposures as set out in Section 6 may be used.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">For purchased corporate receivables, refundable purchase price discounts, collaterals or partial guarantees that provide first loss protection for default losses, dilution losses, or both, may be treated as a first loss protection by the purchaser of the receivables or by the beneficiary of the collateral or of the partial guarantee in accordance with Subsections 2 and 3 of Section 3 of Chapter 5. The seller providing the refundable purchase price discount and the provider of a collateral or a partial guarantee shall treat those as an exposure to a first loss position in accordance with Subsections 2 and 3 of Section 3 of Chapter 5.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">Where an institution provides credit protection for a number of exposures subject to the condition that the nth default among the exposures shall trigger payment and that this credit event shall terminate the contract, the risk weights of the exposures included in the basket will be aggregated, excluding n-1 exposures, where the sum of the expected loss amount multiplied by 12,5 and the risk-weighted exposure amount shall not exceed the nominal amount of the protection provided by the credit derivative multiplied by 12,5. The n-1 exposures to be excluded from the aggregation shall be determined on the basis that they shall include those exposures each of which produces a lower risk-weighted exposure amount than the risk-weighted exposure amount of any of the exposures included in the aggregation. A 1 250 % risk weight shall apply to positions in a basket for which an institution cannot determine the risk-weight under the IRB Approach.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify how institutions shall take into account the factors referred to in the second subparagraph of paragraph 5 when assigning risk weights to specialised lending exposures.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 154 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The risk-weighted exposure amounts for retail exposures shall be calculated in accordance with the following formulae:</p>
<p class="norm inline-element">
<span class="italics">Risk – weighted exposure amount = RW · exposure value</span>
</p>
<p class="norm inline-element">where the risk weight RW is defined as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if PD = 1, i.e., for defaulted exposures, RW shall be</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="400" height="35" alt="image"></p>;<p class="list">where EL<span class="subscript">BE</span> shall be the institution's best estimate of expected loss for the defaulted exposure in accordance with Article 181(1)(h);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if 0 < PD < 1, i.e., for any possible value for PD other than under (i)</p>
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<img 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" width="942" height="82" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">N(x)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the cumulative distribution function for a standard normal random variable (i.e. the probability that a normal random variable with mean zero and variance of one is less than or equal to x);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">G(Z)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the inverse cumulative distribution function for a standard normal random variable (i.e. the value x such that N(x) = z);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">R</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the coefficient of correlation defined as</p>
<p class="container-center">
<img 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HE6WFuIWlr6kkKPYo+1xTyjyZifW7kXS/ceTLjyDi7GJt5H8XeYTCblaJZLQEdb0ZlptaFpWHAFI2AtIB2D3W+pSoPv/RZ035Rl72f33BJsnI3XXnhc/mO6okMl1S1OBpSZI9FBLi/ob7UgKIAAOqmW02uHZLXDs1uQ4iLAjtxWEuOrdUG0JCUgrWSpR0BtSiSfckmu3SlYIBGiNioRd6NOBF3h6czjdzjWqXO+9JuNR75NbsMyZ3qX6rttS78Ov6lbKezsOhtJ1U3Aa8Cs0pSlKUpStF5a5If41t+Ny49pbnLv+V2bHCFvFsMpmykMqd8A9xSkkhPjZ15reQdgH+dQ/wBW/OK+nXp8zDleJHakXK2REsWtl0gpXOfWllgqSSCtKVrC1JB2UIV/mIfz7N+XulnHOOOUcw5fvPIMTJ7/AGuxZda7jChNMIM5CtybZ6DDS2PScBIadW4Fo0klKgFVcAHY2P56qn2e8odS+G9XfB/H2VZli7GK53csgDlpsNscCnI0SGFs/EyZClKWoqcCu1pLYSU+SsEa3nqw52y3j6dgfEfF8232/NuSri8xHu1xaSuNZbXEa9a4XFSVkIcLLXkIWQk+SfCdFwSzzBH5dvQRyuvkjiB3H2DAvs65WyXLF8S8A60n4FpoIb9JStpUlXlCSFDZBsTSuleZiLdaZtwcfaYRFjuPqddUEoQEJKu5RPgAa2SfGqqf9ldFS70h2fK3nFLn5Xfb1eJ50lKPiFTVtHsSkDtT2spOvPkn8NAWezo5yMWmnjc2IZFpHwZvgeMIfWnvLgZ/rD9HdoJ/HW/G6r10dcn8u5zyNzri/LGZRL89hWWMWeCYNtTBisthlfeGmu5a0pUUg/W44d/j5q0lKUrWORONsQ5Vx44rm8CVMtinkvqZj3CTDKlAKA2uO42sp0pQKSe078g+K1Pifpi4S4Onm4cWYg/YVFhyP6Dd4nvRghakqXph15bQUSlJ7gnu9/Pk7lOlKVq3I/GGB8uYy5h/IuNRr1anHmpIZeK0KaebV3IdacbKXGnEn2WhSVDZG9E14HGPAPH3FV2mZJZBe7pfp0ZEF28ZBe5V2nJiIIKYyHpK1qbaBSklCNBRAKu4gESRSlKUpSlKrV9o3jbmSdGvIwiNx/jbTDjXmK88dFhUWU06taFAEhz00uBOvxVrY3upp4lyY5rxXhuZFL6fv/H7ddO19YU6PXjNuaWR4Kvq8kfjuu7n4UrBshSlJUTapgAA2f7Fdfmr0U9P1i5M+z+vN1uGa8i2iS8m+hDNnyufFhAtbUg/BJc+HXspHcCg93nfnyLN/Z78vYxkPSZxzPusPHsXk3CdKx2NEgx2YLEye048rTTSND1XG2luKHuopcV+NS71JxrBN4lucfJcPz7Kbe49G9S1YO6+3dZJ9VJSEFl1pXYDpStuAaT534Bpb8scIf7mvWh/8fcP/FKmHpYsHGEPk0ysY6fuovCbgi3PhFwzyVNcti0kpCm9OTX0eqfdO0D+FWjvwff+0zxm55T0VciRLShK3YTMK5uAhR/qY0xl10jtB8hCVH+Q0SSB5rQuvO+yOQ/s+rZdYbDDtxy1WKORIkNfqCRJkPx1hljztw7KtAbJCSfwNW7Of4OxmEbjV/LbQ3lb8D7zbsq5iBMXFSrtLwa33FGwRvX4H+Rqq/2bSrjjmNcx8aX5ENmbh3J94Yd9JSgVJc7Fh0hQBDZ7VditAKSCfwNRr0U884ZxHxDhnGmZ4/lcqTzLnWRxrBIs8NTjKmvi0MqeU8haVoR3KP1t9xSEKV4Cd1tGHh3pv+0gY4T4/kSJOK8wY45lF7aurpmyo09lEsJU1Lc2+UaipHY6taR6q+3X06vcd68VGmG2rn2JzFmtxzbJsYncbzGYvyrAhx1N3CE6kAPeuooAUFHuO+9XsnQQNg7RyJFz+Zh1wjcX3ay2zJ1+l8DKvMNyVDb06gueo02tC1bbCwNKGlFJOwCDCfyz1+/mvwr+kbj+7p8s9f35r8K/pG4/u6fLPX7+a/Cv6RuP7ugxnr9PkcscKfpG4/u6fLPX9+a/Cv6RuP7unyz1/fmvwr+kbj+7p8s9f35r8K/pG4/u6fLPX9+a/Cv6RuP7unyz1/fmvwr+kbj+7p8s9f35r8K/pG4/u6fLPX9+a/Cv6RuP7unyz1/fmvwr+kbj+7rwLPeusDIr1NxvH+pDp0ul3tpIm2+FZZT8mMQdH1GkTStGj4OwPNc7kvrOZjuy3uoTp6bYYlGE64uwzAluQHfSLKiZug56pCO0+e49ut+K9j5Z6/fzX4V/SNx/d0+Wev781+Ff0jcf3dbhxZZuqiBk6n+Ys644u1h+FcSI9gsEyHK+I2nsV6jr609gHdsduzseakPOGc0kYpcmOPJ1nh5E4z22+Rd47j8RpwkfU422pK1AJ7tAKHnW/G6px1B4/wBarNqwo5VyXxJJbXn2OIhCHi89pSJpnIDC1lUlXc2leipI0SAQCDU7ceWLrBiZfbpPJvIfF1yxlBc+Oi2fG5saY4PTUEem65IUhOnOwnaTtII9zuow+1Mtl4d6Trhk1ojMyFYpf7PfHmlhZ72mpAQdBIJ8KdSSdgBIUd+K6X2hclzLODeL02lKJky/ci4wuExFUHDJW4XFgNaP1+FbGt+PPtVqLTyBg96yu8YHaMttEzI7Ahp26WpiYhcqGh3y2p1sHuQFDRGx+I/mKrB1Ogr66+ksISpRS/lpIA2QPgGvNar1accWe/de/TRfs2bVNxe6NXSzvRJSVCH8Yy04/HQs77VqeccbSWyNLDQB7gSB7Vgttp47+0wViPGTLNrs2ScZC5ZLabdHQ1E+LZkqbjvLabSEoX2BACz5IWRvStVdA714qNONLXz7A5C5Blcp5LjFyw+ZOYcwqPa462pcKLpz1W5XckBSv7LRCl7UFn6QQkepznGemcK59EjRnJDr+L3ZttltBWtxSoboCUpHlRJOgB71Cv2ZkuxzOinjhywwVxWUR5rL6VDXfKRNfS84PJ8KWCR/n7D2q0Dn8Cv8j7VUHon3/T11Uq0dHkVOjrx/ZOVcCoj5XtPVHcMjZc4ZzTjiz2JMRCXGr/Ypk2UuT3K7lBbT6EBHb2ADt3sKJJ2NaX8s9fv5r8K/pC4/u6nfD2ssZxi2M51Ltcq/ojITcX7Ww4zFdfH8SmkOKUtCT7gFRI/nUfctWfqfuGRR3uFs348s9kEJCX2MhsMubJVK719y0uMvoSEFBbASU7BCjs7AGk/LPX9+a/Cv6RuP7unyz1/fmvwr+kbj+7p8s9fu9f0scKfpG4/u6fLPX9+a/Cv6RuP7unyz1/fmvwr+kbj+7p8s9f35r8K/pG4/u6fLPX9+a/Cv6RuP7unyz1/fmvwr+kbj+7p8s9f35r8K/pG4/u6fLPX9+a/Cv6RuP7unyz1/fmvwr+kbj+7ryske608Mtir1mHP3T9YbehSUKl3PHpsVkKUdAd7kwJ2T7DdEu9airXBviefun4225qaRBmjHpvoSlOf2Yac+M7XCr+6Ek7/CueFF64rlMlW62848Cy5cJLapTEfGpzjjAcBLZWlMwlIUEq1vW+069q73yz1/fmvwr+kbj+7p8s9f35r8K/pG4/u6mfjWJyRCxKLH5XvNhumRpW6ZEmxwXYkRSCs+mEturWoEJ0DtXk79qjTrl/6IfLf/AGUnf/ZW19M//Rw4p/7EWL/8Bmtj5C43wvlTHlYrntjbu1qW8h9UZx1xtJWneiS2pJ/vHxvXnzWucWdOXC3Ck2TcOLMBgY47MZ+He+Dce7FI7gojsUspHlIOwAfHvXk8f9J3BXF2SJybBsQftjjNxl3iNCRdZa7fFnSmw09IZhqcLDThaHphSUDtRtKdAmpeIBGiKx2I/wBkf6VkJSPZIH/CuGdBhXSFIttyhsS4ktpbD8d9sONutqBSpC0q2FJIJBBGiDUS470mcG4vcbFNtuNXB2PisxVwsFsm32dLttolE7D0WG88phlaTvsKUfR3Hs7dmt0l8TccT+RoPLkvDrY5mNugrtsa8lr/AJy3GV3ba7gfKfrX7g67jr3rWcx6Z+Is2yS7ZdcLNdLddshhpgXuTZL7OtRu0dI0lEsRXWw/2p2kFYKgkqSDokV38g6fuIckwuxYBNw1iLZ8WLarCm2vvQH7SttJShcWRHWh5hQSSCpCwSCe7e64eNOnbififIrtmWKWCU7kl8QhqffLvdZd1uLzSQkJaMmW446GwEJ+gKCfpHjwKkqlKUqA+sO885YpxFlua8U51YMahY5jNzust1+yrm3Bx5lhxbaY6lPJZaB0na1ocII2Afatu6YclvuZdOfGOWZPcnrjd7xiVqnTpb2u999yKhS3FaAGyoknx+NSdSlK1HkXlrjTiS3R7ryTm9nxyPMdLMUz5KW1SHBolLSP4nCAdkJB0PJ0K4m+YOOpfHn9KtkyNN/xgoQ4ibYIz12LgUtKNIaiIcdWQpQCkpQSnR7gADrTv+Vpw9vXo8g/92uSfsakRF8sWV4Qq/tXGdbrTcret/4uQ09bZEdlSDtxSX0ocYUkbP1pSUkbIGqocrC8d4u5i6cLVCxaPj/G9kyObAxjNINxj3qdksiW0tMJiRIjpbXHjOpWr39VKglKVdqUdx6ny5hHEzN+60JfFvD/ACJjBz+6XJy/26a7OurcKZe1JantuEGN6scOpR8OlHftIUHUqBSf0bHt7VmlK0rlDjZrkuHj0R28Lt/3Bk1pyRKkMBz1lQpCXgydkdoX29vd5I99Gt0A0AP5V0r5Y7Pk1mm49kNsjXG2XKOuLMiSWg40+ytJStC0nwpJBIINRniXSzwxhd7sF8tFhub7mJJdRjse5X6fPiWZLgIUIkeQ8tpj6T2ApSClOkpISAK220cT8cWDP7zylZsOtsLK8hjtxbpdWWu1+W0jt7UuHejrsR51v6R58VomS9G/TVl+UTM1yTim2z77OkOSnrg5Ik+t6jiipZSoOjs2VKOk6Hk+K2zL+DeMM6wmz8e5JjIfs2PLjPWdLUt9iRbno6Chh6PIbWHmnUJJAcSsK8nydmvjjfgvjXim5XW/YnZ5a71fEtouN4ut0lXO4ykNjTba5Upxx0tpH8KO7tGvat/pXBOYVJhvx0K7VOtqbCv5FQ1v/wCtVF+y2mG39NMjjKWlCbjx5ld6x6YnSkOFYkqe7ltqALZPrEdp34SCfJIFrMpxex5pj87FslgibbLkyWJTBcWgOIOtjuQQoew9iDUZ4V0idOfHOSRsvwji622e7xXviUSoz8hKi7ojvUC4UrOlK8qB9zUwDx4rNKUpXy56npq9IpC9HtKhsb/DdU7tWfdRlj65MI4q5L5Ls1xtF4wy63t21Y/Z1QIKHUuqbb7i86688oBsK7lKSASQE68m41KUpUbzeo/ge3Z2njOdy5irGTqkCH92uXJsOpkkHTCvPal068NkhZ2PHkV95tz7x3x9fV45kbeWqmttodUbbhl5uTPaobGnosVxon+YCtj8QK+MM6geOc+v7GM483l4nSErWg3HCr1bmNISVK2/KittJOgdAqBJ8DZ8VqXURhGMZHl2C5SLTHynNMWXPkY/iUrJI1uj3Rt9tLUp11l9twPhpvRBCfp37jdVF49wuxZxwG9w7fJGMRsqn86POX3DMgd+7LXHlpd9eTa4AbUsPMJaKVo9Ht7woDSSoA2X6TFWXjvLM46dEcR4jht2xJq23d2bira0QL5Gmoc9OT2u7eQ4hbbjRQ6twgJHaop1VmKUqrn2l2TKsHR3mtuiz3Ik/JFwLFEUnQC1SJbQcbUT7JU0l0E/yP8AxqwfHuNMYXgWN4dFjhhiw2iHbGmg4XA2hhlDYT3HyrXbrZ8n3rYKUpSlKUpSlKUpSob6y1oR0ncvla0pBwq8JBUdDZirAHn8SSAB+Jrk6PAU9KXD4Ukg/I9k9xr/AMzbqX/8qrzcePetqTcJUiB1F8dxIzry1sx/6P3F+i2VEpR3GZtWhobPk6ru4rgnWNbsltc7KufsBu1mZltLuEFnBHIzsiP3D1EIdEs+msp32q0QDokEbBnmqK3eNyxeftJ8ubx++4lAudowOA5igyy0ypzaYDqkCa5BQxIY7Vl/vS44SVa2n+HdS30lYI7xvlvMWOT+RbRkF2n5U3kN3ttmskuDAs06dHDrjbbj7zvepxPpuqbSs+n3JJA9RIFj9D/H/WvNybGrHmWOXTEsmtzdwtF6hvW+fEdJ7H47qChxtWiDpSVEeDvzUIY10aYTZrng677nWXZNYuMnkSMOx+5uw0wbQ62kIZcBYjtvSFNpACC+4vXudkk18PdFuCyY0fEpWcZa7x5GvhyFvBi5DFqVLMlUntccEf4p1n1lqX6S3in+EeyQBYQeKzSlKUpSlKUpWCNjVU+4raa6fuuzkHjKUDGx/nCEnN7A44ohCrvHKk3CM2kHtUtQWt9R0FdqUA78GrhUpSlKUpVPc7UFfaf8bJSQVI4xuncB5I3Je1sfhVwq0flmy8uX2xRofD2cWHFrmmUFyZd3si7mhbASr6ENpeb7VFRSe4k+ARrzuoo/o365f95fjv8A7u1/vKlXiWycv2Gyy4nMWdWDKriqT3xZdosa7YlDJSB6a21POBR7gSFAjwdEeN13uW38li8V5jJwwPnIGrBcV2kMICnPjBGcLHYD4KvU7dA/jqvz44l4qzXkv7O1i0S+T+LrBx/cLbIvt8urmO3J66w5keSqRIlPyUzkhyU26xsq9P2QEhJToV+i2DSVzsKsE125vXFci1xHVTHoS4bkkqZSS6qOv6mVK33FtXlJPafIr3Nf/wBuou5O6fsc5FzSxcn2/Ir1iecY1FkQLbkFn+GW+iK//asLalNOsuIO1a7kdySolJGzWq27o040s+JsWa1X3JI+Qs5U5nJywyGHbo7f3G3G1zXA40qOoqS6sFr0fT9iEggKG48TcFWHiy85LmDmRXvKctzB5hy9ZBelsGVJSwgoYaCGG2mWm20EgIbQkfidnzUl0pVQepFiNzz1YcPdPUVaJVswiSrkvK0BrvDIjj07e0oj2Lji17SSPpUCQrYFW9A0NVmlKUpSlKUpSlKUrSeS+FOJ+Y0QGuUcAsuUItZdMNFzih5LPqdvf2g+PPpo3/1RWeNeFuKuHm57XGGBWbGUXT0vi022OGUven3en3Af7PevX/WNbrSlK0fkzhPi3mBNvPIeIRbpItDhdt01LrsabBWSkqVHlMKQ8ySUp2ULG9ea9Lj3jbBuKcbaxHj7G4lltTLi3vRYCip11Z2t11xZK3XFHypxalKV+JNbNSlKUpSlKUpSlKUpUR9SfBrvNmGQ0Y5ekY9nGLXBq+4lf/TKjbri17d4HlTLiSptxB2ClXd2koTXqcDcp3XlTB03HKsPuOKZVaX1WvIbLMiutfBz20pK/RU4kB5haVIcbdQVJUhafOwQJIpSlKUrHvUMzOjPpZuE966zeB8NemyHFuuyF21JdWtRJUSr387P+tTFGjMQ47USK0lpllCW20JGglKRoAf5AVy0pWPeojn9JXTrc8tczWZxZazcZE5NzlNocebhS5iVKUmTIhJWIz7wUpRDjjalA6O/AqXAABoCs0pSlK0HmvlZjh/ClZGjGbxkl1myW7ZZbNaoq3pFxuDoV6LGwClpJ7VFTqyEpSknZOgdP6XeEsg4vsN7zTk25t3bk3kOam9ZdObX3sofCSlmFHJ8iNHbPptp2f7xB0QBN1KUpSlKUpSlKUpSlKUpSlKUpSlKUpSlKUpSlKUrAGqzSlKUpSlKUpSlKUpSlKwRv3rNK//Z" width="567" height="69" alt="image"></p>
</td>
</tr></table></div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The risk-weighted exposure amount for each exposure to an SME as referred to in Article 147(5) which meets the requirements set out in Articles 202 and 217 may be calculated in accordance with Article 153(3).</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For retail exposures secured by immovable property collateral a coefficient of correlation R of 0,15 shall replace the figure produced by the correlation formula in paragraph 1.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For qualifying revolving retail exposures in accordance with points (a) to (e), a coefficient of correlation R of 0,04 shall replace the figure produced by the correlation formula in paragraph 1.</div>
</div>
<p class="norm inline-element">Exposures shall qualify as qualifying revolving retail exposures if they meet the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposures are to individuals;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposures are revolving, unsecured, and to the extent they are not drawn immediately and unconditionally, cancellable by the institution. In this context revolving exposures are defined as those where customers' outstanding balances are permitted to fluctuate based on their decisions to borrow and repay, up to a limit established by the institution. Undrawn commitments may be considered as unconditionally cancellable if the terms permit the institution to cancel them to the full extent allowable under consumer protection and related legislation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the maximum exposure to a single individual in the sub-portfolio is EUR 100 000 or less;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the use of the correlation of this paragraph is limited to portfolios that have exhibited low volatility of loss rates, relative to their average level of loss rates, especially within the low PD bands;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the treatment as a qualifying revolving retail exposure shall be consistent with the underlying risk characteristics of the sub-portfolio.</p>
</div>
</div>
<p class="norm">By way of derogation from point (b), the requirement to be unsecured does not apply in respect of collateralised credit facilities linked to a wage account. In this case amounts recovered from the collateral shall not be taken into account in the LGD estimate.</p>
<p class="norm">Competent authorities shall review the relative volatility of loss rates across the qualifying revolving retail sub-portfolios, as well the aggregate qualifying revolving retail portfolio, and shall share information on the typical characteristics of qualifying revolving retail loss rates across Member States.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">To be eligible for the retail treatment, purchased receivables shall comply with the requirements set out in Article 184 and the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has purchased the receivables from unrelated third party sellers, and its exposure to the obligor of the receivable does not include any exposures that are directly or indirectly originated by the institution itself;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the purchased receivables shall be generated on an arm's-length basis between the seller and the obligor. As such, inter-company accounts receivables and receivables subject to contra-accounts between firms that buy and sell to each other are ineligible;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the purchasing institution has a claim on all proceeds from the purchased receivables or a pro-rata interest in the proceeds; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the portfolio of purchased receivables is sufficiently diversified.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">For purchased retail receivables, refundable purchase price discounts, collaterals or partial guarantees that provide first loss protection for default losses, dilution losses, or both, may be treated as a first loss protection by the purchaser of the receivables or by the beneficiary of the collateral or of the partial guarantee in accordance with Subsections 2 and 3 of Section 3 of Chapter 5. The seller providing the refundable purchase price discount and the provider of a collateral or a partial guarantee shall treat those as an exposure to a first loss position in accordance with Subsections 2 and 3 of Section 3 of Chapter 5.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">For hybrid pools of purchased retail receivables where purchasing institutions cannot separate exposures secured by immovable property collateral and qualifying revolving retail exposures from other retail exposures, the retail risk weight function producing the highest capital requirements for those exposures shall apply.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 155 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall determine their risk-weighted exposure amounts for equity exposures, excluding those deducted in accordance with Part Two or subject to a 250 % risk weight in accordance with Article 48, in accordance with the approaches set out in paragraphs 2, 3 and 4 of this Article. An institution may apply different approaches to different equity portfolios where the institution itself uses different approaches for internal risk management purposes. Where an institution uses different approaches, the choice of the PD/LGD approach or the internal models approach shall be made consistently, including over time and with the approach used for the internal risk management of the relevant equity exposure, and shall not be determined by regulatory arbitrage considerations.</div>
</div>
<p class="norm">Institutions may treat equity exposures to ancillary services undertakings in accordance with the treatment of other non credit- obligation assets.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Under the simple risk weight approach, the risk-weighted exposure amount shall be calculated in accordance with the formula:</p>
<p class="norm inline-element">
<span class="italics">Risk – weighted exposure amount = RW * exposure value</span>,</p>
<p class="norm inline-element">where:</p>
<p class="norm">Risk weight (RW) = 190 % for private equity exposures in sufficiently diversified portfolios.</p>
<p class="norm">Risk weight (RW) = 290 % for exchange traded equity exposures.</p>
<p class="norm">Risk weight (RW) = 370 % for all other equity exposures.</p>
</div>
</div>
<p class="norm">Short cash positions and derivative instruments held in the non-trading book are permitted to offset long positions in the same individual stocks provided that these instruments have been explicitly designated as hedges of specific equity exposures and that they provide a hedge for at least another year. Other short positions are to be treated as if they are long positions with the relevant risk weight assigned to the absolute value of each position. In the context of maturity mismatched positions, the method is that for corporate exposures as set out in Article 162(5).</p>
<p class="norm">Institutions may recognise unfunded credit protection obtained on an equity exposure in accordance with the methods set out in Chapter 4.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Under the PD/LGD approach, risk-weighted exposure amounts shall be calculated according to the formulas in Article 153(1). If institutions do not have sufficient information to use the definition of default set out in Article 178, a scaling factor of 1,5 shall be assigned to the risk weights.</div>
</div>
<p class="norm">At the individual exposure level the sum of the expected loss amount multiplied by 12,5 and the risk-weighted exposure amount shall not exceed the exposure value multiplied by 12,5.</p>
<p class="norm">Institutions may recognise unfunded credit protection obtained on an equity exposure in accordance with the methods set out in Chapter 4. This shall be subject to an LGD of 90 % on the exposure to the provider of the hedge. For private equity exposures in sufficiently diversified portfolios an LGD of 65 % may be used. For these purposes M shall be five years.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Under the internal models approach, the risk-weighted exposure amount shall be the potential loss on the institution's equity exposures as derived using internal value-at-risk models subject to the 99th percentile, one-tailed confidence interval of the difference between quarterly returns and an appropriate risk-free rate computed over a long-term sample period, multiplied by 12,5. The risk-weighted exposure amounts at the equity portfolio level shall not be less than the total of the sums of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk-weighted exposure amounts required under the PD/LGD Approach; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the corresponding expected loss amounts multiplied by 12,5.</p>
</div>
</div>
</div>
</div>
<p class="norm">The amounts referred to in point (a) and (b) shall be calculated on the basis of the PD values set out in Article 165(1) and the corresponding LGD values set out in Article 165(2).</p>
<p class="norm">Institutions may recognise unfunded credit protection obtained on an equity position.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 156 -
<p class="norm">The risk-weighted exposure amounts for other non credit-obligation assets shall be calculated in accordance with the following formula:</p>
<p class="norm">
<span class="italics">Risk</span> – <span class="italics">weighted exposure amount</span> = 100 % · <span class="italics">exposure value</span>,</p>
<p class="norm">except for:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">cash in hand and equivalent cash items as well as gold bullion held in own vault or on an allocated basis to the extent backed by bullion liabilities, in which case a 0 % risk-weight shall be assigned;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">when the exposure is a residual value of leased assets in which case it shall be calculated as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="277" height="60" alt="image"></p>
<p class="list">where t is the greater of 1 and the nearest number of whole years of the lease remaining.</p>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 3 -
Calculation of risk-weighted exposure amounts for dilution risk of purchased receivablesArticle 157 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall calculate the risk-weighted exposure amounts for dilution risk of purchased corporate and retail receivables in accordance with the formula set out in Article 153(1).</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall determine the input parameters PD and LGD in accordance with Section 4.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall determine the exposure value in accordance with Section 5.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purposes of this Article, the value of M is 1 year.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The competent authorities shall exempt an institution from calculating and recognising risk-weighted exposure amounts for dilution risk of a type of exposures caused by purchased corporate or retail receivables where the institution has demonstrated to the satisfaction of the competent authority that dilution risk for that institution is immaterial for this type of exposures.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 3 -
Expected loss amountsArticle 158 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The calculation of expected loss amounts shall be based on the same input figures of PD, LGD and the exposure value for each exposure as are used for the calculation of risk-weighted exposure amounts in accordance with Article 151.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The expected loss amounts for securitised exposures shall be calculated in accordance with Chapter 5.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The expected loss amount for exposures belonging to the ‘other non credit obligations assets’ exposure class referred to in point (g) of Article 147(2) shall be zero.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The expected loss amounts for exposures in the form of shares or units of a CIU referred to in Article 152 shall be calculated in accordance with the methods set out in this Article.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">The expected loss (EL) and expected loss amounts for exposures to corporates, institutions, central governments and central banks and retail exposures shall be calculated in accordance with the following formulae:</p>
<p class="norm inline-element">
<span class="italics">Expected loss (EL) = PD * LGD</span>
</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">Expected loss amount</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">EL [multiplied by] exposure value.</p>
</td>
</tr></table></div>
</div>
<p class="norm">For defaulted exposures (PD = 100 %) where institutions use own estimates of LGDs, EL shall be EL<span class="subscript">BE</span>, the institution's best estimate of expected loss for the defaulted exposure in accordance with Article 181(1)(h).</p>
<p class="norm">For exposures subject to the treatment set out in Article 153(3), EL shall be 0 %.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">The EL values for specialised lending exposures where institutions use the methods set out in Article 153(5) for assigning risk weights shall be assigned in accordance with Table 2.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-f8f85895-12c6-4d33-bdc4-8d7efd4e89de">Table 2</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="38%"><col width="12%"><col width="12%"><col width="12%"><col width="12%"><col width="12%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Remaining Maturity</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Category 1</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Category 2</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Category 3</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Category 4</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Category 5</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Less than 2,5 years</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,4 %</p>
</td>
<td valign="top">
<p class="tbl-norm">2,8 %</p>
</td>
<td valign="top">
<p class="tbl-norm">8 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Equal to or more than 2,5 years</p>
</td>
<td valign="top">
<p class="tbl-norm">0,4 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,8 %</p>
</td>
<td valign="top">
<p class="tbl-norm">2,8 %</p>
</td>
<td valign="top">
<p class="tbl-norm">8 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">The expected loss amounts for equity exposures where the risk-weighted exposure amounts are calculated in accordance with the simple risk weight approach shall be calculated in accordance with the following formula:</p>
<p class="norm inline-element">
<span class="italics">Expected loss amount = EL · exposure value</span>
</p>
</div>
</div>
<p class="norm inline-element">The EL values shall be the following:</p>
<p class="norm">Expected loss (EL) = 0,8 % for private equity exposures in sufficiently diversified portfolios</p>
<p class="norm">Expected loss (EL) = 0,8 % for exchange traded equity exposures</p>
<p class="norm">Expected loss (EL) = 2,4 % for all other equity exposures.</p>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">
<p class="norm inline-element">The expected loss and expected loss amounts for equity exposures where the risk-weighted exposure amounts are calculated in accordance with the PD/LGD approach shall be calculated in accordance with the following formula:</p>
<p class="norm inline-element">
<span class="italics">Expected loss (EL) = PD · LGD</span>
</p>
<p class="norm inline-element">
<span class="italics">Expected loss amount = EL · exposure value</span>
</p>
</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">The expected loss amounts for equity exposures where the risk-weighted exposure amounts are calculated in accordance with the internal models approach shall be zero.</div>
</div>
<div class="norm">
<span class="no-parag">9a. </span>
<div class="norm inline-element">The expected loss amount for a minimum value commitment that meets all the requirements set out in Article 132c(3) shall be zero.</div>
</div>
<div class="norm">
<span class="no-parag">10. </span>
<div class="norm inline-element">
<p class="norm inline-element">The expected loss amounts for dilution risk of purchased receivables shall be calculated in accordance with the following formula:</p>
<p class="norm inline-element">
<span class="italics">Expected loss (EL) = PD · LGD</span>
</p>
<p class="norm inline-element">
<span class="italics">Expected loss amount = EL · exposure value</span>
</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 159 -
<p class="norm">Institutions shall subtract the expected loss amounts calculated in accordance with Article 158(5), (6) and (10) from the general and specific credit risk adjustments in accordance with Article 110, additional value adjustments in accordance with Articles 34 and 105 and other own funds reductions related to those exposures except for the deductions made in accordance with point (m) Article 36(1). Discounts on balance sheet exposures purchased when in default in accordance with Article 166(1) shall be treated in the same manner as specific credit risk adjustments. Specific credit risk adjustments on exposures in default shall not be used to cover expected loss amounts on other exposures. Expected loss amounts for securitised exposures and general and specific credit risk adjustments related to those exposures shall not be included in that calculation.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 4 -
PD, LGD and maturitySub-Section 1 -
Exposures to corporates, institutions and central governments and central banksArticle 160 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The PD of an exposure to a corporate or an institution shall be at least 0,03 %.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For purchased corporate receivables in respect of which an institution is not able to estimate PDs or an institution's PD estimates do not meet the requirements set out in Section 6, the PDs for these exposures shall be determined in accordance with the following methods:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for senior claims on purchased corporate receivables PD shall be the institutions estimate of EL divided by LGD for these receivables;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for subordinated claims on purchased corporate receivables PD shall be the institution's estimate of EL;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution that has received the permission of the competent authority to use own LGD estimates for corporate exposures pursuant to Article 143 and that can decompose its EL estimates for purchased corporate receivables into PDs and LGDs in a manner that the competent authority considers to be reliable, may use the PD estimate that results from this decomposition.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The PD of obligors in default shall be 100 %.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may take into account unfunded credit protection in the PD in accordance with the provisions of Chapter 4. For dilution risk, in addition to the protection providers referred to in Article 201(1)(g) the seller of the purchased receivables is eligible if the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the corporate entity has a credit assessment by an ECAI which has been determined by EBA to be associated with credit quality step 3 or above under the rules for the risk weighting of exposures to corporates under Chapter 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the corporate entity, in the case of institutions calculating risk-weighted exposure amounts and expected loss amounts under the IRB Approach, does not have a credit assessment by a recognised ECAI and is internally rated as having a PD equivalent to that associated with the credit assessments of ECAIs determined by EBA to be associated with credit quality step 3 or above under the rules for the risk weighting of exposures to corporates under Chapter 2.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Institutions using own LGD estimates may recognise unfunded credit protection by adjusting PDs subject to Article 161(3).</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">For dilution risk of purchased corporate receivables, PD shall be set equal to the EL estimate of the institution for dilution risk. An institution that has received permission from the competent authority pursuant to Article 143 to use own LGD estimates for corporate exposures that can decompose its EL estimates for dilution risk of purchased corporate receivables into PDs and LGDs in a manner that the competent authority considers to be reliable, may use the PD estimate that results from this decomposition. Institutions may recognise unfunded credit protection in the PD in accordance with the provisions of Chapter 4. For dilution risk, in addition to the protection providers referred to in Article 201(1)(g), the seller of the purchased receivables is eligible provided that the conditions set out in paragraph 4 are met.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">By way of derogation from Article 201(1)(g), the corporate entities that meet the conditions set out in paragraph 4 are eligible.</div>
</div>
<p class="norm">An institution that has received the permission of the competent authority pursuant to Article 143 to use own LGD estimates for dilution risk of purchased corporate receivables, may recognise unfunded credit protection by adjusting PDs subject to Article 161(3).</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 161 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall use the following LGD values:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">senior exposures without eligible collateral: 45 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">subordinated exposures without eligible collateral: 75 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions may recognise funded and unfunded credit protection in the LGD in accordance with Chapter 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">covered bonds eligible for the treatment set out in Article 129(4) or (5) may be assigned an LGD value of 11,25 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for senior purchased corporate receivables exposures where an institution is not able to estimate PDs or the institution's PD estimates do not meet the requirements set out in Section 6: 45 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for subordinated purchased corporate receivables exposures where an institution is not able to estimate PDs or the institution's PD estimates do not meet the requirements set out in Section 6: 100 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for dilution risk of purchased corporate receivables: 75 %.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For dilution and default risk if an institution has received permission from the competent authority to use own LGD estimates for corporate exposures pursuant to Article 143 and it can decompose its EL estimates for purchased corporate receivables into PDs and LGDs in a manner the competent authority considers to be reliable, the LGD estimate for purchased corporate receivables may be used.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">If an institution has received the permission of the competent authority to use own LGD estimates for exposures to corporates, institutions, central governments and central banks pursuant to Article 143, unfunded credit protection may be recognised by adjusting PD or LGD subject to requirements as specified in Section 6 and permission of the competent authorities. An institution shall not assign guaranteed exposures an adjusted PD or LGD such that the adjusted risk weight would be lower than that of a comparable, direct exposure to the guarantor.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purposes of the undertakings referred to in Article 153(3), the LGD of a comparable direct exposure to the protection provider shall either be the LGD associated with an unhedged facility to the guarantor or the unhedged facility of the obligor, depending upon whether in the event both the guarantor and obligor default during the life of the hedged transaction, available evidence and the structure of the guarantee indicate that the amount recovered would depend on the financial condition of the guarantor or obligor, respectively.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 162 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions that have not received permission to use own LGDs and own conversion factors for exposures to corporates, institutions or central governments and central banks shall assign to exposures arising from repurchase transactions or securities or commodities lending or borrowing transactions a maturity value (M) of 0,5 years and to all other exposures M of 2,5 years.</div>
</div>
<p class="norm">Alternatively, as part of the permission referred to in Article 143, the competent authorities shall decide on whether the institution shall use maturity (M) for each exposure as set out under paragraph 2.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions that have received the permission of the competent authority to use own LGDs and own conversion factors for exposures to corporates, institutions or central governments and central banks pursuant to Article 143 shall calculate M for each of these exposures as set out in points (a) to (e) of this paragraph and subject to paragraphs 3 to 5 of this Article. M shall be no greater than five years except in the cases specified in Article 384(1) where M as specified there shall be used:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for an instrument subject to a cash flow schedule, M shall be calculated in accordance with the following formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCABFAXYBAREA/8QAHQABAAIDAQEBAQAAAAAAAAAAAAcIAQUGBAIDCf/EAE0QAAEDBAEDAgMDAw0NCQAAAAECAwQFBgcRAAgSIRMxCRQiMkFRFTiBFhgjJEJYYXF2l7O00xczNDU3cnV3kaGxsrVSV3N0lqOl0tT/2gAIAQEAAD8A/qnxxxxxxxxxxxxxyL8s9SOJsNVek2vdtdkP3JXloTTKBSoTs+pSkqX2+omOyCoNjSiVq0n6VAEnxyTwdjY5njjjjjjjkX13qRxNRMr0zCKK8/VL0qLqEu0ulQnZi6e2pPcHpim0lEZvRT5cIOlA61sjeZazHjrBtnOX/lKvrotAZfajOzBCkSUtuOEhAUlhC1JBI13Ea2QN7IB4iD1h4OqcNio0yRfMyJKaS8xIj46uJxp1tQBStC0wSFJIIIIOiDsc11ydc3TZZkVE68LmuigxnCUofqdiV+K2ogbICnIQHgeffknYryxj7NllQ8h4wuJut2/UFvNx5iGHWe5TThbWCh1KVp0pJHlI37jYIPOu44445gnXvyOqh1H9P9JuY2bU82WNErae4LgvV+Kh5tQUlJQsFf0K7lABKtKJ9gdHm3rWYcT20mUu5MmWtSEQqgaVIVUKxHjJbmhpDxjkuLA9UNOIWUfaCVA60eaQ9TPTglfpnP8AjcL/AOybrgb/ANnq87e3Lntu8KQzX7SuCm1umSCsMzadLbksOFKilQS42Sk6UCDo+CCObPjjkYZL6kMUYevCiWfkyuSLeNwtFUGqzILqaWXe/tDDkwJLTTp0SErI8De/I3JyVJWkKSQQRsEffzg8x5ssXBFvQ7tyK7U4lEkTkQn58Smvy2oPclRD0gtJUWmtp7S4RoFSR9/Oqtq5bfvKgQLptWsw6tSKowmTDmw3g6y+0obCkKT4I5s+OOOOOOOOOOOOOfKjofxkDlGvhrTGMq1/OHULdEJL94Vm/JdGEx1XqriUxlppbMNpRAKW094B1ruDbex9PLz8ccccccc5bKt0yrGxjd16wWEPybfoVQqrLS1dqXFsR3HUpJ0dAlAG9Hla/hb0GmK6VqVkx5gv3Tf1TqlWuKqvHvk1CSmc+0lTiz9RASgaTvQKlkfaPLO39YtsZNsutWBedLbqNEr0N2DNjr8d7axolJ90qHhSVDylQCgQQDymPShfFw9J+YZHQlmCqOSqTJW7UcYXA+V9s2E4oq+QUe0JDiCFkfgsLQCQpocvTIixpkdyLKZQ8w+gtuNuJCkLSRopKT4II+48j/EuErYwvULtasUN0+3rmqqa0xQo8ZLUamSlMobkeh2nw26W0OdmgEqK+36SEpkQ+OUzzn1Q3bbvV7ijG1Mxvkb8jwXK/OntQYCSq4SiA400IzYeHrsNKWXVFehvsUBtHLh0ucanTYlRMKVDMpht8x5TfY8z3JCuxxIJ7VDeiNnRB56d65nlQviKZeve0LYsDDWO6w/Qq1mK52LXVWmV9i4ERa20PFCgCpC1eu2kKSCUp7yNK7eTjYvTjhbHuMmcSW/j2jLttERUORGmQ25BnJUCHFSFLTt1a9qKir8TrQ0BV+o9NEbAvRj1O2NVaNGmUZc25rith2b6cpz5NylRyy5tRWpLrTrbjYUrSyWQv7wecb0pZR6WaV0q4RxfctCx5ed1XfV41CkW4tEGVMZekT3e6VJYKFqSG0EL24ElX0gHZHLm9O+HkYIsSZjinN09qhRK/VZtCaiKcPoU+XKXJaZcC/IW2XlteCoFLaFb2ogSjxxzlsoWPa2ScfV+x70pDNTo1YgPR5UZ1IIUkpJCk7B7VpUApKh5SpII8jlafhV5FuHIXSFQk3JJclSLaqMygMSHXStbkZkoWyDseOxDwbA8/S2nz9wtxNjRpsR6JMYbfYebU2604kKQ4gjRSpJ8EEbBB8EcpJ8PyqC1M29SPT9QGFRrRsq7kzaHC9UqRBTKW8lxhpJH0N7ZSoJB0Dvxskm8XPFWK1R7fgOVWu1WHToTRSHJEt9DLSSohKQVrIA2SAPPknnxRbgoVyRFT7frMGpxkOFpT0OSh9AWACUlSCRvRB17+RxWrgoVtxEzrgrMGmRluBpL0yShhBWQSEhSyBvQJ17+Dz7o9ao9wQG6rQqrDqMJ0qDciI+h5pRSSlQC0Eg6IIPnwRz28cccccccc+V+36R/x5RD4RX+SvKv+suo/wBWjcvgSB7nmeOOOY5njkd9Rn5vuTf5HVr+ovchb4XH5jmOv86rf9UlctZynvUpZtF6vMx2thO26YflsZ1iNcV13tCfbbfoq+1ZapMRwAr+beKW3XB4S0hDajtRSBcFKe1ITveucTljMNkYdsa4r5uysw22bdp7s52L8202++pLTjjbLaVqG3HPSWEA/aIP3Akbqy72ty/qFHr9tVaFOjuobLnystqR6C1ISv01qbUpIWAobG+VT6nKrS8dda+A8u33LZodlUyl3HTZ1emn04MeU9EcLTLjvsha9HtCtd2iBsjllMJ3Xdd9Yjs+8r4o7NKr1bo0WfUITTS2kMPOthZQELUpSQNjwokj7/PNXn3BFt9Q1lxbJue5LmoceHVI1XZlW/UPk5IfY7uwFRSoKR9ZPaR9oJUNFIIkrlWuvvBF8ZXsW1b+xPAjzr7xVcMe6qNCe3+3g0UqdjJBPaVKLbSgD9ot9oI7vPRWv10dOVWtNNZunIEK0K4wEtVK1a4FR65Bl6HdGMEj13VhStJ9NC+/x273yPMyXvcTXSNlyq5TbrdIqeU2K6m0bdmxnpMuFGdp6WYUJSGEr9FxxLPrrbUdNuyVpKvB5oehy3MXZP6a8X44rSZkO78cy4dyS4/5KciyY0qNUHXWQtx9gBSVBQSoIV3FCiNgHfJK6xMoZnx9XsSUrGlvwXoNx33SqbIkuXAqC7LcKZLpp6kBhfYy4lkFb21aA7fTOwoWGteZX6hb8GbdNFi0mrPMhUuFFnfONMOfelL/AKbfqD2+rsT/ABc2nMAg/j/s55Kv/iuZ/wCXc/5TykfwcvzSH/5W1L+ijcvMv7Cv4jyiHQ9+e51ef6egf00zl8eau5LXtq8qNIt27rfptbpUsASINRiNyY7oBBHc24ClWiARse45/OT4dE93AOUaViOfNItrNtjUy/LdC1qS0xVW2i3NjI34U4sIUsgHwhpoaGwOan4t9afvmFBjRlqVQsfXFSqS+UEKalVepMSH3WlgjyqPFjRydEf4cN71pP8ATG27XtqzaNHt20bfptEpUQKDEGnRG40doEkntbbASnZJJ0Pc84y8+pDAGO6+9at95qsi36zGShb1PqVdjR5DSVpCkFba1hSdpII2PIIPsRzR/rx+k/8AfIY2/wDUsT/78ku0rvtW/LeiXZZVxU2u0WeFqi1CnSUSI74StSFFDiCUq0pKknR8FJH3ciPL3WLirCOQ6JjS+KReiapcbimaY7CtqTJjS3A2lfYy4kfthfc4232shakrcSFBIOx+EDrKxzUa7WbFYtG+v1e0NxpD9l/kTdYWhwFTbyEpcLHoFASovqdS2j1WgtSVLCedhZHUNjO+8aVzKkCozIFKtUz27ij1CGtqZR34SSqWxJYHcpLjYSdhPdv9yVbHOVsbrDxnedYtimzKFdNrxL6R32jVq9BaZp9f2nuSiM8064EOKRpSWng04rYASVApGxqnVVjSiZYpWF6xS7zhXLXZ7kCloftSciNOLagHHWZBb9JxlAIUpxKikJIUTojmyxh1GY/y9dlfs+zIV0OSbYlSoFUlS7dmRYUeZHcSh2MZLiA0XgVA+mFd3btWtc7DIV92xjGyqzf15VRmn0ahRHJst91YSAhA32p2RtajpKUjypRAGyeVX+Fljy47P6e6pd1wwH4AyHc0y6qfFfSA43CdQ02ypWifthsrGwPBB1og8nnqEsWVeViT5LOQ7ytpuj0+bLWzblTTAM5SWSpCXnktl5KUqRsek42T3KCioHXI5+G44470T4wddcUta4U0qUpRJJ/KEn7zyb8k5Co2LbPn3xcMCsyqbTEerJFKpj099tv3U4WmUlXYkAlStaSASdDkG0P4g2C65ZdEyYaXelOsqsz0Uty5J9DLNOp0xZAS1Jd7zobJBdQFsoKSla0q8c7ag9U2Pa3ftCsKVRLroirv+Y/UtVavSFRYFf8AQR3ufKrUr1B9H1J9ZDXqJIU33ggmO8W17BP68XK1Sten5JZyJKt1iZcMapwnmKaqNGcQw2qIwsJW64v02ylaUqQpJPpqHcsHY0Xr7xHc0676TbNlZLqlSsUqVXYLVqvNvw2UAeq6tDqkFHYe8Ftfa8otOem2vXmdMdZBtTKtkUbIlj1RNQoVeiImQpAQUFSFbGlJPlKgQUqSfIIIPkcjPrSyXa+L+mbIFXueYlv8p0OZRYEdK0h6ZMlsqYaaaSfK1bc7iBshKVK9geeLoSxdcmG+lHH9gXfHVHrESE9LmR1gBUdyVJdk+irRI7kB4JPn3B9vbnXdRtQzhBxRVkdO1AgVS+ZfZFp6p0lplmGFk98k+qQlakJH0pOwVlJIKQQYAw7VOrTCtiwrItrodpMj0lLk1CpSMqwPm6rOcPc/NkrET63nV7Uo/d4A0AANxduXfiI1GCpmyOkayqJKLTifWqd/MVFIWQOxQQ2ljwnySCTvY8jR3xrnTZlp/oeylEzJQI945kvdupV+ahDEeY4KgGfl4aIxSnsC0R20hHpgFJcUlJP3z10qV+3K9Y8ldnYucsyixlw2Ww7b5o658n5JgyXFMlCO4tvFcdS9aK2FgEhIUZqdZafT2PNpWn8FJBH+/n3xxxz8VQ4i3fXVGaLo8hZQCr/b78/UgH8f0HgJA9t/pPIuz7hR/M9KtY0u73bbrdlXNEuujTRDTLY+djodQlD7JUkuMqS8sKSlaFfgoc6rGlmyrAsmm2rPuKTXpcNLipFSkMoaclPOOrdW4UI+lO1OK0B7DQ5yHVipSOl3Ly0KKVJsWukKB1r9oved/dysnSxj/pktvKVCknLeWrnuOe07UrNZv9c+PTZjfYdyKYJDLTctxtlwjvBJ7HSoIG9i9ktgSYrscntS6goJH3AjW/8Afykfww/lMWUDIvS3cnqQLysW7Jct6FKcbDsmnyENBiU0En60ENgkp2B3o9u4cvCobSR+I1yjGDmomCfiLZosu8C7C/uyRYVyWnMkrbS1UPSLhkx0aP8AfEuOuhKPtdrJUR9SSb0c0F9X7Z+M7YmXnflwRKLRIHZ8xNlKKW2+9QSkeASSVKAAA2SQBz+bVWuu37k6MsM5sxBLRXb/AOmxdJqVTpLKnG5TMNavQmR3mwO5KHAyFdxB222o6IPPB1/S6ZQ+la0LOuaVCiZRue+ImQbmoTa1OS46pjUwrKk7US2wCzFC/A7WEABPhI/ptZd8WjkW3Y13WNcMGuUaYXEx50J0OMuFCyhYCh76UlQP8IPIQy/ZHUVWL+qFQx3iDp6q9FdQz6U+7lTDVJCw0kLLoaiqSACO1I71fSlJ2N9o4v8Aua9YX/cP0k//ACP/AOTlmMYwLmpdiUeBeNAtmiVplkpmQbaWtVMac71H9gK221dpBCtFIIKiNnXcag9WeTMf0Xrl6bV1W76ZEFoP3CuvFx0gU1MuCyIxfOtI9UnSN+/NhaecMEt9dV9XU/kO2Q27YlJokScp8aVIZlynJcZC9faSENKWnf7lBPt4hbC2daZZWCermr2PSqXfNdk37cNwU+gOR1Smp9GlOx2PnnGAAXoYS6pa9eFISoHQ885fI9w2LQYHTRV19SwvNilX1b1ersKltwo9r2pD7h7MRo6DBShRW22h9YWUtvfQCk6nDO2RMedb1Jx5g+xFs0TJ9XcbuNuoyS4Jlieg167ivVaCe+UvsS16CFg6PqK0EJJkXoRz/jmv47pWD5MakWrf9nrk0Sp2+w8FCZIi/wCET46hv1m3Vd7inO5R7yvZV4UrrOsLpom57oFBuO2awWrtx/MXW7fptQQmVRqnLSAUsTYrhCFhRQEBzYU33qPsSOdF0mZ5a6icL0q/HaGmjVWO67SazTkD9ii1CMQh5DR2dt70U+ToED3B5tuorJlhYyxZXZ9+3VBojFRp02FDMlR3IkKjOFLTaUgqWsgHSQCT93IR+GXkWx6n0r2Pjqn3PAkXPb1NlO1Skoc/bUNCp75SXGyNpBC06/HuH483FW6vMM5n6ZcpXfR6lUaFGpUSp23Kj3DDMKQ3OcjLSw32Eq2XStPYN92zohKvHKq1nLeLnPhQUbGbl6UhdzOwqZT1UYuEylOsViM/IaLWtkoZWFqH3JO/bkl9VOdMI1fOPTDcFuZEt6TQ7fuSZUp0qM+FMQ4RbQ026sgaQjvaWkE+NoP4c2WOstYzkfEnyBVmL3pK4VQsOHRosgPfsb06O8hb8dKtaLiEtrKk+4CT+B5rOkbqAwpaWQupi5LlyTRKfTKrfUiuQZDzqu2VAV+xpkNAJJcQVuISCkHZUAPcclf4Z152rW+k2y7QpNehyq1a8BTVZgNr2/AW7KkrbS6n3SVJBI37gc8fWfhO5IFcp/WNjZcetXfi2muv/qar6EyqVMp6O5chTKVqHyslLZWsOoO1emBonXLEYfybQ8y4ytvKFuNPtU65ae1PZafTpxrvHlCvu2lQUnx4Ot857MWBm8wTqbOXmDKNmfk5pxr0rPuZdLakd6ge55KUK71DWgfuBPI7/WRMfvr+pT+cV3+y5z9/dL9m4ws+p37fPWJ1KU2hUZkPzpf6vpTwZb7gnuKGmFLIBUNkJOhsnQBPIspTPTdXqezVqD1rdW9TgSUlTEuFPuKQw6kEglDiKcUqGwRsH3BHPyrSuma2YJqdydbvVpSISVBBk1Co3FHaCj7ArcpwGzo+N/dzu8O4XxDn+3pd14h64Ooy4qVBmqp0iQ1f0xn05CUIcKCl6OhX2XEHYGvPv4Ou9/WRMfvr+pT+cV3+y5hXRJGQkqV1Y9SYA8knIzvj/wBrnB07D2CKvcwsulfEPzBMrxWhpNNj5jbckqcUpSUthtKSSslJHYNq/g57angTD9FaYerXX7mmntyXZLDCpeX0MB1yO6WpCUFaR3FtwFCwN9qgQdHmtTinp7W4WkfEeyqpY90jNkckfo53FL6NqNW6dGq9G6wOoqfBmNpejyY2S1utPNqG0rQtLZSpJHsQdc9X6yJj99f1Kfziu/2XH6yJj99f1Kfziu/2XJQw7hhGHYtTjIylkW9Pym4056l43AuqLjdgUNMlSU+mFd21D7ylP4cgfI3WbHyN02ZRvnp/t96RXrDqDNKq9Lu2hO9jUZUhCJD70ZKipbPy/rr19sBtXcjY7Tw/VVeVG6hqh0/2Lhm67du+/GLyptySZdq1cvR6PDjtgypi/SK/RZJUAgukL8AJClbHL6b7U7J5RXHtGe66eop3O0xpdsWLhm4XKVa0imxxGq1fmtBPzCpMvZWmKkgAMpACg6QT9rd6x4H8XKO9QsaV1p9Q9Q6Q6bEZpVn47hxK1eFziAh2psTnSh2NEpzy9iOVo7Sp0DuUEup1pH13YpNNao9Lh0lh+S+3CYbjodkvqeeWlCQkKW4olS1HWyokknZPk89fMa41zPHHHMca41zWs2xbkZExqPQac0ioO+vLSiI2kSHd773AB9at+dq2d82XHML9v0j/AI8oh8Ir/JXlT/WXUf6tG5fHmCPHjnA4qxtPsmRdVx3JV2Krcl5VlyqVKXHYUyylpCEsRI7aFKUQhqM00nZJKl+orx3ADvtca441xyPOoz833Jv8jq1/UXuQt8Lj8xzHX+dVv+qSuWt455KtSqbXaXLotYgsTYE9hcaTGkNhxp5paSlaFpPhSSCQQfcHlCMQ1Kd8PjqEHTleFQku4ZybNXMsKrSnXHBR6gtQSunur7f3alIGydDbSzrvcIv+W0OIKVJ7kqGiFeQR+BB5G9g4HtDF+SLovmwI0Sh0+8IsX8qUSFDS1GXUGFuamo7SAha23exxITpRbQrwrvKpL5S3revm5L5zNiTowoVYnUOlZPffl3XUIjwZffpDIUXIbTgCiguJZe7job+hJJSpY5YSX02YOl41OJ28aUKLbQiIitRo0RLa2O0AIdQ8B6iXkkBYe7vUCwFd2/PKS9QeB5GF/hU1ywr5osKVXbNqj7dPqEhll14MPXMVNSG1juLRejuIUQFBWnClWjsckXGNZ6Mr/srBnT5MsnGl81q7rabZmxoTUGQ/R1R6MXn33i0krZdK0qbB7kO96yofZURaLAGPavibDdpYyrkqFJlWvTkUlL8RSi2+yypSGXPqSCFqaCFKTohKioAqACjIPHMH+DnBY1xtNtGt3jeNyVWPVLhvGrfNyJEdhTLbEJhAZgxEJUpR02ynalE/U668rwCEjqqNa9t26X1UCgU2mmUUqfMOI2x6pG9FXYB3a2ff8Tz0Vf8AxXM/8Bz/AJTykfwcvzSH/wCVtS/oo3LzL+wr+I8of0Pfnu9Xn+noH9NM5fLjjjjjjjjjjjjjnyv2/SP+PKJfCObcZxflZp5tba0ZNqSVJWkpKSI0bYIPkEfhy9/HHHHHHHI96iG3HsA5LaZbW4tdn1pKUISVKUTBe0AB5J/g5CnwuAR0OY52Pvq3/VJXLW8ccqX1tUOkdRgpXSLbluxaxclYkRa1VKwotlNm0xp9HfNUTtQkPI9RlloaLgU4SQhJ3aK26K3bdvUy3mp02ailw2YSZM131ZD4bQEBx1eh3uKCdqVobJJ1z5rt0W5bEORULirsCmxorCpLzsqShpLbQIBWe4j6QSBv8SB7kc5zD+XbTzVYdFvy1JKQxWKdHqPybkhlcmIh5PchDyWlqCFa3437g/geV262sV39Tsk4r6t8V2o/c9WxXMebrVEiNqdmT6O/9Lpjt70t1tK39JA7j6u/PZrklNdbfTNLtNm5KTlOlVOZJT2xrchOerX35HkCKmmj9sB8qHb2KQNH3IHnldutm4blidA9XsDKc2Scl3s4mrxqGA5NfaQqttSjCQ40hSFCKw4hruJAIZ8E8l3pjoGGcp2TiG77Yksi5MVUmI3LESniM4mXIo6oj7EguMpWofWtRCT9ttBJOtc/HqCzFnm0ep3EmPrCsiFUKPXG67LSyu5Uw/y0qPAQVNvbYWGEMqe9Qb7y4pKddgB3aCnuzX4EZ6ow0RJTjKFPsId9VLThSCpAXodwB2N6G9b0OejjjjnkqwJpcsAbPoOf8p5ST4OjbiOkZxS21pDl11JSCpJAUPTjjY/EbBGx94I+7l5F/YV/EeUS6H2nR1sdXbxbWG1XBASFFJ0T6ss63+OiOXv44444444444445gjY1yqjuEM09PeZLoyj06U+k3ZaWRKi3Urosmp1AQHo9RWvT1QgSVJKB3JUpS23PtedFWkBNqxvXnmeOOOOOOfm+y1JZWw8gLbcSUqSfYgjRB5VrCWFM39K15nHmPItKvLCdcrLkuIxLqPytVtBL21uhIUnslx/U+yhJDgKt/eom1A9vI1zPOVylVL9ouPa9U8XWxHuK7GYavyRTZMlEdl+SSEo9Ra1JSEJ33KHcCQkgHZHKkYOl9YmHqHUHKl0Vt3PeVyTF1S6LoeyRSGH6vNUTo9iWiGmW06baaB7UISB7lRPc13N3XpJhhu2OiKjQZXdsu1HJECQ326PgIbS2d70ftewI+/Y0OEcG5zuixcuXv1c21Ravfl9NGnwqKlEWZDiU2I0tyEw0kFbadSXnFAElW0IWpRUdja/D7eoEDGlMs6kYhdtSr29bFJg3XUJFtqpciVWm1SGnozy1NpMhxpLaXSraiEykEnayBbDnkRSKW3LM9unRkySSS8GUhzZ9z3a35/j56ykH8f0HXAAHtv9J3yHM64EreU7usfIlnZCVadzWIKqxCfcpiZ8dyPUWEMSQtorQe9KGwptQVoKA7kqGxyTbRoH6lbVo9s/PvTfyTT48H5l4AOPek0lHeoDx3K7dnXjZ5t+OOOQV1JxOpe8m2MV4NpVFodLuSC8xWL6qFQBcoyFbSpEeEkeo68pG+1zfakqHsR3DusHYdtTAeLLfxNZYfNKt+MWW3ZCgXX3FLUt15egB3LcWtR0ANq0PHPHnWu5sotoMtYFsKkXLclRmIh+pV6omHDpbSkq3MdT9t9KFBILTZCj3bG9EHnelzp2T0/2jVfy7crtz3teNTcr92V1xHYJtQc9w0j9wyjZCE/wqOh3domnjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjmANczxxxxxxxxxxxxxxz/2Q==" width="374" height="69" alt="image"></p>
<p class="list">where CF<span class="subscript">t</span> denotes the cash flows (principal, interest payments and fees) contractually payable by the obligor in period t;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for derivatives subject to a master netting agreement, M shall be the weighted average remaining maturity of the exposure, where M shall be at least 1 year, and the notional amount of each exposure shall be used for weighting the maturity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for exposures arising from fully or nearly-fully collateralised derivative instruments listed in Annex II and fully or nearly-fully collateralised margin lending transactions which are subject to a master netting agreement, M shall be the weighted average remaining maturity of the transactions where M shall be at least 10 days;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for repurchase transactions or securities or commodities lending or borrowing transactions which are subject to a master netting agreement, M shall be the weighted average remaining maturity of the transactions where M shall be at least five days. The notional amount of each transaction shall be used for weighting the maturity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution that has received the permission of the competent authority pursuant to Article 143 to use own PD estimates for purchased corporate receivables, for drawn amounts M shall equal the purchased receivables exposure weighted average maturity, where M shall be at least 90 days. This same value of M shall also be used for undrawn amounts under a committed purchase facility provided that the facility contains effective covenants, early amortisation triggers, or other features that protect the purchasing institution against a significant deterioration in the quality of the future receivables it is required to purchase over the facility's term. Absent such effective protections, M for undrawn amounts shall be calculated as the sum of the longest-dated potential receivable under the purchase agreement and the remaining maturity of the purchase facility, where M shall be at least 90 days;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for any instrument other than those referred to in this paragraph or when an institution is not in a position to calculate M as set out in point (a), M shall be the maximum remaining time (in years) that the obligor is permitted to take to fully discharge its contractual obligations, where M shall be at least one year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for institutions using the Internal Model Method set out in Section 6 of Chapter 6 to calculate the exposure values, M shall be calculated for exposures to which they apply this method and for which the maturity of the longest-dated contract contained in the netting set is greater than one year in accordance with the following formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="860" height="69" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="38" height="34" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">a dummy variable whose value at future period t<span class="subscript">k</span> is equal to 0 if t<span class="subscript">k</span> > 1 year and to 1 if t<span class="subscript">k</span> ≤ 1;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="58" height="34" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the expected exposure at the future period t<span class="subscript">k</span>;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="151" height="34" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the effective expected exposure at the future period t<span class="subscript">k</span>;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="46" height="34" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the risk-free discount factor for future time period t<span class="subscript">k</span>;</p>
</td>
</tr></table><p class="container-center">
<img src="data:image/jpg;base64,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" width="179" height="32" alt="image"></p>;</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution that uses an internal model to calculate a one-sided credit valuation adjustment (CVA) may use, subject to the permission of the competent authorities, the effective credit duration estimated by the internal model as M.</p>
<p class="list">Subject to paragraph 2, for netting sets in which all contracts have an original maturity of less than one year the formula in point (a) shall apply;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for institutions using the Internal Model Method set out in Section 6 of Chapter 6, to calculate the exposure values and having an internal model permission for specific risk associated with traded debt positions in accordance with Part Three, Title IV, Chapter 5, M shall be set to 1 in the formula laid out in Article 153(1), provided that an institution can demonstrate to the competent authorities that its internal model for Specific risk associated with traded debt positions applied in Article 383 contains effects of rating migrations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purposes of Article 153(3), M shall be the effective maturity of the credit protection but at least 1 year.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where the documentation requires daily re-margining and daily revaluation and includes provisions that allow for the prompt liquidation or set off of collateral in the event of default or failure to remargin, M shall be at least one-day for:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">fully or nearly-fully collateralised derivative instruments listed in Annex II;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">fully or nearly-fully collateralised margin lending transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">repurchase transactions, securities or commodities lending or borrowing transactions.</p>
</div>
</div>
</div>
</div>
<p class="norm inline-element">In addition, for qualifying short-term exposures which are not part of the institution's ongoing financing of the obligor, M shall be at least one-day. Qualifying short term exposures shall include the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to institutions or investment firms arising from the settlement of foreign exchange obligations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">self-liquidating short-term trade finance transactions connected to the exchange of goods or services with a residual maturity of up to one year as referred to in point (80) of Article 4(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures arising from settlement of securities purchases and sales within the usual delivery period or two business days;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures arising from cash settlements by wire transfer and settlements of electronic payment transactions and prepaid cost, including overdrafts arising from failed transactions that do not exceed a short, fixed agreed number of business days.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For exposures to corporates situated in the Union and having consolidated sales and consolidated assets of less than EUR 500 million, institutions may choose to consistently set M as set out in paragraph 1 instead of applying paragraph 2. Institutions may replace EUR 500 million total assets with EUR 1 000 million total assets for corporates which primarily own and let non-speculative residential property.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Maturity mismatches shall be treated as specified in Chapter 4.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 2 -
Retail exposuresArticle 163 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The PD of an exposure shall be at least 0,03 %.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The PD of obligors or, where an obligation approach is used, of exposures in default shall be 100 %.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For dilution risk of purchased receivables PD shall be set equal to EL estimates for dilution risk. If an institution can decompose its EL estimates for dilution risk of purchased receivables into PDs and LGDs in a manner the competent authorities consider to be reliable, the PD estimate may be used.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Unfunded credit protection may be taken into account by adjusting PDs subject to Article 164(2). For dilution risk, in addition to the protection providers referred to in Article 201(1)(g), the seller of the purchased receivables is eligible if the conditions set out in Article 160(4) are met.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 164 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall provide own estimates of LGDs subject to the requirements specified in Section 6 of this Chapter and permission of the competent authorities granted in accordance with Article 143. For dilution risk of purchased receivables, an LGD value of 75 % shall be used. If an institution can decompose its EL estimates for dilution risk of purchased receivables into PDs and LGDs in a reliable manner, the institution may use its own LGD estimate.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Unfunded credit protection may be recognised as eligible by adjusting PD or LGD estimates subject to requirements as specified in Article 183(1), (2) and (3) and the permission of the competent authorities either in support of an individual exposure or a pool of exposures. An institution shall not assign guaranteed exposures an adjusted PD or LGD such that the adjusted risk weight would be lower than that of a comparable, direct exposure to the guarantor.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For the purposes of Article 154(2), the LGD of a comparable direct exposure to the protection provider referred to in Article 153(3) shall either be the LGD associated with an unhedged facility to the guarantor or the unhedged facility of the obligor, depending upon whether, in the event both the guarantor and obligor default during the life of the hedged transaction, available evidence and the structure of the guarantee indicate that the amount recovered would depend on the financial condition of the guarantor or obligor, respectively.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The exposure-weighted average LGD for all retail exposures secured by residential property and not benefiting from guarantees from central governments shall not be lower than 10 %.</div>
</div>
<p class="norm">The exposure-weighted average LGD for all retail exposures secured by commercial immovable property and not benefiting from guarantees from central governments shall not be lower than 15 %.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Member States shall designate an authority to be responsible for the application of paragraph 6. That authority shall be the competent authority or the designated authority.</div>
</div>
<p class="norm">Where the authority designated by the Member State for the application of this Article is the competent authority, it shall ensure that the relevant national bodies and authorities which have a macroprudential mandate are duly informed of the competent authority's intention to make use of this Article, and are appropriately involved in the assessment of financial stability concerns in its Member State in accordance with paragraph 6.</p>
<p class="norm">Where the authority designated by the Member State for the application of this Article is different from the competent authority, the Member State shall adopt the necessary provisions to ensure proper coordination and exchange of information between the competent authority and the designated authority for the proper application of this Article. In particular, authorities shall be required to cooperate closely and to share all the information that may be necessary for the adequate performance of the duties imposed upon the designated authority pursuant to this Article. That cooperation shall aim at avoiding any form of duplicative or inconsistent action between the competent authority and the designated authority, as well as ensuring that the interaction with other measures, in particular measures taken under Article 458 of this Regulation and Article 133 of Directive 2013/36/EU, is duly taken into account.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Based on the data collected under Article 430a and on any other relevant indicators, and taking into account forward-looking immovable property market developments the authority designated in accordance with paragraph 5 of this Article shall periodically, and at least annually, assess whether the minimum LGD values referred to in paragraph 4 of this Article, are appropriate for exposures secured by mortgages on residential property or commercial immovable property located in one or more parts of the territory of the Member State of the relevant authority.</div>
</div>
<p class="norm">Where, on the basis of the assessment referred to in the first subparagraph of this paragraph, the authority designated in accordance with paragraph 5 concludes that the minimum LGD values referred to in paragraph 4 are not adequate, and if it considers that the inadequacy of LGD values could adversely affect current or future financial stability in its Member State, it may set higher minimum LGD values for those exposures located in one or more parts of the territory of the Member State of the relevant authority. Those higher minimum values may also be applied at the level of one or more property segments of such exposures.</p>
<p class="norm">The authority designated in accordance with paragraph 5 shall notify EBA and the ESRB before making the decision referred to in this paragraph. Within one month of receipt of that notification EBA and the ESRB shall provide their opinion to the Member State concerned. EBA and the ESRB shall publish those LGD values.</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">Where the authority designated in accordance with paragraph 5 sets higher minimum LGD values pursuant to paragraph 6, institutions shall have a six-month transitional period to apply them.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">EBA, in close cooperation with the ESRB, shall develop draft regulatory technical standards to specify the conditions that the authority designated in accordance with paragraph 5 shall take into account when assessing the appropriateness of LGD values as part of the assessment referred to in paragraph 6.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2019.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">
<p class="norm inline-element">The ESRB may, by means of recommendations in accordance with Article 16 of Regulation (EU) No 1092/2010, and in close cooperation with EBA, give guidance to authorities designated in accordance with paragraph 5 of this Article on the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">factors which could ‘adversely affect current or future financial stability’ referred to in paragraph 6; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">indicative benchmarks that the authority designated in accordance with paragraph 5 is to take into account when determining higher minimum LGD values.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">10. </span>
<div class="norm inline-element">The institutions of a Member State shall apply the higher minimum LGD values that have been determined by the authorities of another Member State in accordance with paragraph 6 to all their corresponding exposures secured by mortgages on residential property or commercial immovable property located in one or more parts of that Member State.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 3 -
Equity exposures subject to PD/LGD methodArticle 165 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">PDs shall be determined in accordance with the methods for corporate exposures.</div>
</div>
<p class="norm inline-element">The following minimum PDs shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0,09 % for exchange traded equity exposures where the investment is part of a long-term customer relationship;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0,09 % for non-exchange traded equity exposures where the returns on the investment are based on regular and periodic cash flows not derived from capital gains;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0,40 % for exchange traded equity exposures including other short positions as set out in Article 155(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">1,25 % for all other equity exposures including other short positions as set out in Article 155(2).</p>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Private equity exposures in sufficiently diversified portfolios may be assigned an LGD of 65 %. All other such exposures shall be assigned an LGD of 90 %.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">M assigned to all exposures shall be five years.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 5 -
Exposure valueArticle 166 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Unless noted otherwise, the exposure value of on-balance sheet exposures shall be the accounting value measured without taking into account any credit risk adjustments made.</div>
</div>
<p class="norm">This rule also applies to assets purchased at a price different than the amount owed.</p>
<p class="norm">For purchased assets, the difference between the amount owed and the accounting value remaining after specific credit risk adjustments have been applied that has been recorded on the balance-sheet of the institutions when purchasing the asset is denoted discount if the amount owed is larger, and premium if it is smaller.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where institutions use master netting agreements in relation to repurchase transactions or securities or commodities lending or borrowing transactions, the exposure value shall be calculated in accordance with Chapter 4 or 6.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">In order to calculate the exposure value for on-balance sheet netting of loans and deposits, institutions shall apply the methods set out in Chapter 4.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The exposure value for leases shall be the discounted minimum lease payments. Minimum lease payments shall comprise the payments over the lease term that the lessee is or can be required to make and any bargain option (i.e. option the exercise of which is reasonably certain). If a party other than the lessee may be required to make a payment related to the residual value of a leased asset and this payment obligation fulfils the set of conditions in Article 201 regarding the eligibility of protection providers as well as the requirements for recognising other types of guarantees provided in Article 213, the payment obligation may be taken into account as unfunded credit protection in accordance with Chapter 4.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">In the case of any contract listed in Annex II, the exposure value shall be determined by the methods set out in Chapter 6 and shall not take into account any credit risk adjustment made.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">The exposure value for the calculation of risk-weighted exposure amounts of purchased receivables shall be the value determined in accordance with paragraph 1 minus the own funds requirements for dilution risk prior to credit risk mitigation.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">Where an exposure takes the form of securities or commodities sold, posted or lent under repurchase transactions or securities or commodities lending or borrowing transactions, long settlement transactions and margin lending transactions, the exposure value shall be the value of the securities or commodities determined in accordance with Article 24. Where the Financial Collateral Comprehensive Method as set out under Article 223 is used, the exposure value shall be increased by the volatility adjustment appropriate to such securities or commodities, as set out therein. The exposure value of repurchase transactions, securities or commodities lending or borrowing transactions, long settlement transactions and margin lending transactions may be determined either in accordance with Chapter 6 or Article 220(2).</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">
<p class="norm inline-element">The exposure value for the following items shall be calculated as the committed but undrawn amount multiplied by a conversion factor. Institutions shall use the following conversion factors in accordance with Article 151(8) for exposures to corporates, institutions, central governments and central banks:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for credit lines that are unconditionally cancellable at any time by the institution without prior notice, or that effectively provide for automatic cancellation due to deterioration in a borrower's creditworthiness, a conversion factor of 0 % shall apply. To apply a conversion factor of 0 %, institutions shall actively monitor the financial condition of the obligor, and their internal control systems shall enable them to immediately detect deterioration in the credit quality of the obligor. Undrawn credit lines may be considered as unconditionally cancellable if the terms permit the institution to cancel them to the full extent allowable under consumer protection and related legislation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for short-term letters of credit arising from the movement of goods, a conversion factor of 20 % shall apply for both the issuing and confirming institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for undrawn purchase commitments for revolving purchased receivables that are able to be unconditionally cancelled or that effectively provide for automatic cancellation at any time by the institution without prior notice, a conversion factor of 0 % shall apply. To apply a conversion factor of 0 %, institutions shall actively monitor the financial condition of the obligor, and their internal control systems shall enable them to immediately detect a deterioration in the credit quality of the obligor;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for other credit lines, note issuance facilities (NIFs), and revolving underwriting facilities (RUFs), a conversion factor of 75 % shall apply.</p>
</div>
</div>
</div>
</div>
<p class="norm">Institutions which meet the requirements for the use of own estimates of conversion factors as specified in Section 6 may use their own estimates of conversion factors across different product types as mentioned in points (a) to (d), subject to permission of the competent authorities.</p>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">Where a commitment refers to the extension of another commitment, the lower of the two conversion factors associated with the individual commitment shall be used.</div>
</div>
<div class="norm">
<span class="no-parag">10. </span>
<div class="norm inline-element">
<p class="norm inline-element">For all off-balance sheet items other than those mentioned in paragraphs 1 to 8, the exposure value shall be the following percentage of its value:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">100 % if it is a full risk item;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">50 % if it is a medium-risk item;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">20 % if it is a medium/low-risk item;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0 % if it is a low-risk item.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of this paragraph the off-balance sheet items shall be assigned to risk categories as indicated in Annex I.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 167 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The exposure value of equity exposures shall be the accounting value remaining after specific credit risk adjustment have been applied.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The exposure value of off-balance sheet equity exposures shall be its nominal value after reducing its nominal value by specific credit risk adjustments for this exposure.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 168 -
<p class="norm">The exposure value of other non credit-obligation assets shall be the accounting value remaining after specific credit risk adjustment have been applied</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 6 -
Requirements for the IRB approachSub-Section 1 -
Rating systemsArticle 169 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Where an institution uses multiple rating systems, the rationale for assigning an obligor or a transaction to a rating system shall be documented and applied in a manner that appropriately reflects the level of risk.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Assignment criteria and processes shall be periodically reviewed to determine whether they remain appropriate for the current portfolio and external conditions.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where an institution uses direct estimates of risk parameters for individual obligors or exposures these may be seen as estimates assigned to grades on a continuous rating scale.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 170 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The structure of rating systems for exposures to corporates, institutions and central governments and central banks shall comply with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a rating system shall take into account obligor and transaction risk characteristics;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a rating system shall have an obligor rating scale which reflects exclusively quantification of the risk of obligor default. The obligor rating scale shall have a minimum of 7 grades for non-defaulted obligors and one for defaulted obligors;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall document the relationship between obligor grades in terms of the level of default risk each grade implies and the criteria used to distinguish that level of default risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions with portfolios concentrated in a particular market segment and range of default risk shall have enough obligor grades within that range to avoid undue concentrations of obligors in a particular grade. Significant concentrations within a single grade shall be supported by convincing empirical evidence that the obligor grade covers a reasonably narrow PD band and that the default risk posed by all obligors in the grade falls within that band;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to be permitted by the competent authority to use own estimates of LGDs for own funds requirement calculation, a rating system shall incorporate a distinct facility rating scale which exclusively reflects LGD related transaction characteristics. The facility grade definition shall include both a description of how exposures are assigned to the grade and of the criteria used to distinguish the level of risk across grades;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">significant concentrations within a single facility grade shall be supported by convincing empirical evidence that the facility grade covers a reasonably narrow LGD band, respectively, and that the risk posed by all exposures in the grade falls within that band.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions using the methods set out in Article 153(5) for assigning risk weights for specialised lending exposures are exempt from the requirement to have an obligor rating scale which reflects exclusively quantification of the risk of obligor default for these exposures. These institutions shall have for these exposures at least four grades for non-defaulted obligors and at least one grade for defaulted obligors.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The structure of rating systems for retail exposures shall comply with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">rating systems shall reflect both obligor and transaction risk, and shall capture all relevant obligor and transaction characteristics;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the level of risk differentiation shall ensure that the number of exposures in a given grade or pool is sufficient to allow for meaningful quantification and validation of the loss characteristics at the grade or pool level. The distribution of exposures and obligors across grades or pools shall be such as to avoid excessive concentrations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the process of assigning exposures to grades or pools shall provide for a meaningful differentiation of risk, for a grouping of sufficiently homogenous exposures, and shall allow for accurate and consistent estimation of loss characteristics at grade or pool level. For purchased receivables the grouping shall reflect the seller's underwriting practices and the heterogeneity of its customers.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall consider the following risk drivers when assigning exposures to grades or pools:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">obligor risk characteristics;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">transaction risk characteristics, including product or collateral types or both. Institutions shall explicitly address cases where several exposures benefit from the same collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">delinquency, except where an institution demonstrates to the satisfaction of its competent authority that delinquency is not a material driver of risk for the exposure.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 171 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall have specific definitions, processes and criteria for assigning exposures to grades or pools within a rating system that comply with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the grade or pool definitions and criteria shall be sufficiently detailed to allow those charged with assigning ratings to consistently assign obligors or facilities posing similar risk to the same grade or pool. This consistency shall exist across lines of business, departments and geographic locations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the documentation of the rating process shall allow third parties to understand the assignments of exposures to grades or pools, to replicate grade and pool assignments and to evaluate the appropriateness of the assignments to a grade or a pool;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the criteria shall also be consistent with the institution's internal lending standards and its policies for handling troubled obligors and facilities.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">An institution shall take all relevant information into account in assigning obligors and facilities to grades or pools. Information shall be current and shall enable the institution to forecast the future performance of the exposure. The less information an institution has, the more conservative shall be its assignments of exposures to obligor and facility grades or pools. If an institution uses an external rating as a primary factor determining an internal rating assignment, the institution shall ensure that it considers other relevant information.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 172 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For exposures to corporates, institutions and central governments and central banks, and for equity exposures where an institution uses the PD/LGD approach set out in Article 155(3), assignment of exposures shall be carried out in accordance with the following criteria:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">each obligor shall be assigned to an obligor grade as part of the credit approval process;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for those exposures for which an institution has received the permission of the competent authority to use own estimates of LGDs and conversion factors pursuant to Article 143, each exposure shall also be assigned to a facility grade as part of the credit approval process;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions using the methods set out in Article 153(5) for assigning risk weights for specialised lending exposures shall assign each of these exposures to a grade in accordance with Article 170(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">each separate legal entity to which the institution is exposed shall be separately rated. An institution shall have appropriate policies regarding the treatment of individual obligor clients and groups of connected clients;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">separate exposures to the same obligor shall be assigned to the same obligor grade, irrespective of any differences in the nature of each specific transaction. However, where separate exposures are allowed to result in multiple grades for the same obligor, the following shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">country transfer risk, this being dependent on whether the exposures are denominated in local or foreign currency;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the treatment of associated guarantees to an exposure may be reflected in an adjusted assignment to an obligor grade;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">consumer protection, bank secrecy or other legislation prohibit the exchange of client data.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For retail exposures, each exposure shall be assigned to a grade or a pool as part of the credit approval process.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For grade and pool assignments institutions shall document the situations in which human judgement may override the inputs or outputs of the assignment process and the personnel responsible for approving these overrides. Institutions shall document these overrides and note down the personnel responsible. Institutions shall analyse the performance of the exposures whose assignments have been overridden. This analysis shall include an assessment of the performance of exposures whose rating has been overridden by a particular person, accounting for all the responsible personnel.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 173 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For exposures to corporates, institutions and central governments and central banks, and for equity exposures where an institution uses the PD/LGD approach set out in Article 155(3), the assignment process shall meet the following requirements of integrity:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Assignments and periodic reviews of assignments shall be completed or approved by an independent party that does not directly benefit from decisions to extend the credit;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Institutions shall review assignments at least annually and adjust the assignment where the result of the review does not justify carrying forward the current assignment. High risk obligors and problem exposures shall be subject to more frequent review. Institutions shall undertake a new assignment if material information on the obligor or exposure becomes available;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">An institution shall have an effective process to obtain and update relevant information on obligor characteristics that affect PDs, and on transaction characteristics that affect LGDs or conversion factors.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For retail exposures, an institution shall at least annually review obligor and facility assignments and adjust the assignment where the result of the review does not justify carrying forward the current assignment, or review the loss characteristics and delinquency status of each identified risk pool, whichever applicable. An institution shall also at least annually review in a representative sample the status of individual exposures within each pool as a means of ensuring that exposures continue to be assigned to the correct pool, and adjust the assignment where the result of the review does not justify carrying forward the current assignment.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards for the methodologies of the competent authorities to assess the integrity of the assignment process and the regular and independent assessment of risks.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 174 -
<p class="norm">If an institution uses statistical models and other mechanical methods to assign exposures to obligors or facilities grades or pools, the following requirements shall be met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the model shall have good predictive power and capital requirements shall not be distorted as a result of its use. The input variables shall form a reasonable and effective basis for the resulting predictions. The model shall not have material biases;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall have in place a process for vetting data inputs into the model, which includes an assessment of the accuracy, completeness and appropriateness of the data;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the data used to build the model shall be representative of the population of the institution's actual obligors or exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall have a regular cycle of model validation that includes monitoring of model performance and stability; review of model specification; and testing of model outputs against outcomes;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall complement the statistical model by human judgement and human oversight to review model-based assignments and to ensure that the models are used appropriately. Review procedures shall aim at finding and limiting errors associated with model weaknesses. Human judgements shall take into account all relevant information not considered by the model. The institution shall document how human judgement and model results are to be combined.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 175 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The institutions shall document the design and operational details of its rating systems. The documentation shall provide evidence of compliance with the requirements in this Section, and address topics including portfolio differentiation, rating criteria, responsibilities of parties that rate obligors and exposures, frequency of assignment reviews, and management oversight of the rating process.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The institution shall document the rationale for and analysis supporting its choice of rating criteria. An institution shall document all major changes in the risk rating process, and such documentation shall support identification of changes made to the risk rating process subsequent to the last review by the competent authorities. The organisation of rating assignment including the rating assignment process and the internal control structure shall also be documented.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The institutions shall document the specific definitions of default and loss used internally and ensure consistency with the definitions set out in this Regulation.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where the institution employs statistical models in the rating process, the institution shall document their methodologies. This material shall:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">provide a detailed outline of the theory, assumptions and mathematical and empirical basis of the assignment of estimates to grades, individual obligors, exposures, or pools, and the data source(s) used to estimate the model;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">establish a rigorous statistical process including out-of-time and out-of-sample performance tests for validating the model;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">indicate any circumstances under which the model does not work effectively.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">An institution shall demonstrate to the satisfaction of the competent authority that the requirements of this Article are met, where an institution has obtained a rating system, or model used within a rating system, from a third-party vendor and that vendor refuses or restricts the access of the institution to information pertaining to the methodology of that rating system or model, or underlying data used to develop that methodology or model, on the basis that such information is proprietary.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 176 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall collect and store data on aspects of their internal ratings as required under Part Eight.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For exposures to corporates, institutions and central governments and central banks, and for equity exposures where an institution uses the PD/LGD approach set out in Article 155(3), institutions shall collect and store:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">complete rating histories on obligors and recognised guarantors;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the dates the ratings were assigned;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the key data and methodology used to derive the rating;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the person responsible for the rating assignment;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the identity of obligors and exposures that defaulted;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the date and circumstances of such defaults;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">data on the PDs and realised default rates associated with rating grades and ratings migration.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions not using own estimates of LGDs and conversion factors shall collect and store data on comparisons of realised LGDs to the values as set out in Article 161(1) and realised conversion factors to the values as set out in Article 166(8).</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions using own estimates of LGDs and conversion factors shall collect and store:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">complete histories of data on the facility ratings and LGD and conversion factor estimates associated with each rating scale;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the dates on which the ratings were assigned and the estimates were made;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the key data and methodology used to derive the facility ratings and LGD and conversion factor estimates;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the person who assigned the facility rating and the person who provided LGD and conversion factor estimates;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">data on the estimated and realised LGDs and conversion factors associated with each defaulted exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">data on the LGD of the exposure before and after evaluation of the effects of a guarantee/or credit derivative, for those institutions that reflect the credit risk mitigating effects of guarantees or credit derivatives through LGD;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">data on the components of loss for each defaulted exposure.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">For retail exposures, institutions shall collect and store:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">data used in the process of allocating exposures to grades or pools;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">data on the estimated PDs, LGDs and conversion factors associated with grades or pools of exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the identity of obligors and exposures that defaulted;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for defaulted exposures, data on the grades or pools to which the exposure was assigned over the year prior to default and the realised outcomes on LGD and conversion factor;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">data on loss rates for qualifying revolving retail exposures.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 177 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An institution shall have in place sound stress testing processes for use in the assessment of its capital adequacy. Stress testing shall involve identifying possible events or future changes in economic conditions that could have unfavourable effects on an institution's credit exposures and assessment of the institution's ability to withstand such changes.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">An institution shall regularly perform a credit risk stress test to assess the effect of certain specific conditions on its total capital requirements for credit risk. The test shall be one chosen by the institution, subject to supervisory review. The test to be employed shall be meaningful and consider the effects of severe, but plausible, recession scenarios. An institution shall assess migration in its ratings under the stress test scenarios. Stressed portfolios shall contain the vast majority of an institution's total exposure.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions using the treatment set out in Article 153(3) shall consider as part of their stress testing framework the impact of a deterioration in the credit quality of protection providers, in particular the impact of protection providers falling outside the eligibility criteria.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 2 -
Risk quantificationArticle 178 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">A default shall be considered to have occurred with regard to a particular obligor when either or both of the following have taken place:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution considers that the obligor is unlikely to pay its credit obligations to the institution, the parent undertaking or any of its subsidiaries in full, without recourse by the institution to actions such as realising security;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the obligor is more than 90 days past due on any material credit obligation to the institution, the parent undertaking or any of its subsidiaries. Competent authorities may replace the 90 days with 180 days for exposures secured by residential property or SME commercial immovable property in the retail exposure class, as well as exposures to public sector entities. The 180 days shall not apply for the purposes of point (m) Article 36(1) or Article 127.</p>
</div>
</div>
</div>
</div>
<p class="norm">In the case of retail exposures, institutions may apply the definition of default laid down in points (a) and (b) of the first subparagraph at the level of an individual credit facility rather than in relation to the total obligations of a borrower.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following shall apply for the purposes of point (b) of paragraph 1:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for overdrafts, days past due commence once an obligor has breached an advised limit, has been advised a limit smaller than current outstandings, or has drawn credit without authorisation and the underlying amount is material;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purposes of point (a), an advised limit comprises any credit limit determined by the institution and about which the obligor has been informed by the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">days past due for credit cards commence on the minimum payment due date;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">materiality of a credit obligation past due shall be assessed against a threshold, defined by the competent authorities. This threshold shall reflect a level of risk that the competent authority considers to be reasonable;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall have documented policies in respect of the counting of days past due, in particular in respect of the re-ageing of the facilities and the granting of extensions, amendments or deferrals, renewals, and netting of existing accounts. These policies shall be applied consistently over time, and shall be in line with the internal risk management and decision processes of the institution.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purpose of point (a) of paragraph 1, elements to be taken as indications of unlikeliness to pay shall include the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution puts the credit obligation on non-accrued status;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution recognises a specific credit adjustment resulting from a significant perceived decline in credit quality subsequent to the institution taking on the exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution sells the credit obligation at a material credit-related economic loss;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution consents to a distressed restructuring of the credit obligation where this is likely to result in a diminished financial obligation caused by the material forgiveness, or postponement, of principal, interest or, where relevant fees. This includes, in the case of equity exposures assessed under a PD/LGD Approach, distressed restructuring of the equity itself;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has filed for the obligor's bankruptcy or a similar order in respect of an obligor's credit obligation to the institution, the parent undertaking or any of its subsidiaries;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the obligor has sought or has been placed in bankruptcy or similar protection where this would avoid or delay repayment of a credit obligation to the institution, the parent undertaking or any of its subsidiaries.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions that use external data that is not itself consistent with the definition of default laid down in paragraph 1, shall make appropriate adjustments to achieve broad equivalence with the definition of default.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">If the institution considers that a previously defaulted exposure is such that no trigger of default continues to apply, the institution shall rate the obligor or facility as they would for a non-defaulted exposure. Where the definition of default is subsequently triggered, another default would be deemed to have occurred.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the conditions according to which a competent authority shall set the threshold referred to in paragraph 2(d).</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">EBA shall issue guidelines on the application of this Article. Those guidelines shall be adopted in accordance with Article 16 of Regulation (EU) No 1093/2010.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 179 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">In quantifying the risk parameters to be associated with rating grades or pools, institutions shall apply the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution's own estimates of the risk parameters PD, LGD, conversion factor and EL shall incorporate all relevant data, information and methods. The estimates shall be derived using both historical experience and empirical evidence, and not based purely on judgemental considerations. The estimates shall be plausible and intuitive and shall be based on the material drivers of the respective risk parameters. The less data an institution has, the more conservative it shall be in its estimation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall be able to provide a breakdown of its loss experience in terms of default frequency, LGD, conversion factor, or loss where EL estimates are used, by the factors it sees as the drivers of the respective risk parameters. The institution's estimates shall be representative of long run experience;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any changes in lending practice or the process for pursuing recoveries over the observation periods referred to in Article 180(1)(h) and (2)(e), Article 181(1)(j) and (2), and Article 182(2) and (3) shall be taken into account. An institution's estimates shall reflect the implications of technical advances and new data and other information, as it becomes available. Institutions shall review their estimates when new information comes to light but at least on an annual basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the population of exposures represented in the data used for estimation, the lending standards used when the data was generated and other relevant characteristics shall be comparable with those of the institution's exposures and standards. The economic or market conditions that underlie the data shall be relevant to current and foreseeable conditions. The number of exposures in the sample and the data period used for quantification shall be sufficient to provide the institution with confidence in the accuracy and robustness of its estimates;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for purchased receivables the estimates shall reflect all relevant information available to the purchasing institution regarding the quality of the underlying receivables, including data for similar pools provided by the seller, by the purchasing institution, or by external sources. The purchasing institution shall evaluate any data relied upon which is provided by the seller;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall add to its estimates a margin of conservatism that is related to the expected range of estimation errors. Where methods and data are considered to be less satisfactory, the expected range of errors is larger, the margin of conservatism shall be larger.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where institutions use different estimates for the calculation of risk weights and for internal purposes, it shall be documented and be reasonable. If institutions can demonstrate to their competent authorities that for data that have been collected prior to 1 January 2007 appropriate adjustments have been made to achieve broad equivalence with the definition of default laid down in Article 178 or with loss, competent authorities may permit the institutions some flexibility in the application of the required standards for data.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where an institution uses data that is pooled across institutions it shall meet the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the rating systems and criteria of other institutions in the pool are similar to its own;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the pool is representative of the portfolio for which the pooled data is used;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the pooled data is used consistently over time by the institution for its estimates;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall remain responsible for the integrity of its rating systems;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall maintain sufficient in-house understanding of its rating systems, including the ability to effectively monitor and audit the rating process.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 180 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">In quantifying the risk parameters to be associated with rating grades or pools, institutions shall apply the following requirements specific to PD estimation to exposures to corporates, institutions and central governments and central banks and for equity exposures where an institution uses the PD/LGD approach set out in Article 155(3):</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall estimate PDs by obligor grade from long run averages of one-year default rates. PD estimates for obligors that are highly leveraged or for obligors whose assets are predominantly traded assets shall reflect the performance of the underlying assets based on periods of stressed volatilities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for purchased corporate receivables institutions may estimate the EL by obligor grade from long run averages of one-year realised default rates;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if an institution derives long run average estimates of PDs and LGDs for purchased corporate receivables from an estimate of EL, and an appropriate estimate of PD or LGD, the process for estimating total losses shall meet the overall standards for estimation of PD and LGD set out in this part, and the outcome shall be consistent with the concept of LGD as set out in Article 181(1)(a);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall use PD estimation techniques only with supporting analysis. Institutions shall recognise the importance of judgmental considerations in combining results of techniques and in making adjustments for limitations of techniques and information;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to the extent that an institution uses data on internal default experience for the estimation of PDs, the estimates shall be reflective of underwriting standards and of any differences in the rating system that generated the data and the current rating system. Where underwriting standards or rating systems have changed, the institution shall add a greater margin of conservatism in its estimate of PD;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to the extent that an institution associates or maps its internal grades to the scale used by an ECAI or similar organisations and then attributes the default rate observed for the external organisation's grades to the institution's grades, mappings shall be based on a comparison of internal rating criteria to the criteria used by the external organisation and on a comparison of the internal and external ratings of any common obligors. Biases or inconsistencies in the mapping approach or underlying data shall be avoided. The criteria of the external organisation underlying the data used for quantification shall be oriented to default risk only and not reflect transaction characteristics. The analysis undertaken by the institution shall include a comparison of the default definitions used, subject to the requirements in Article 178. The institution shall document the basis for the mapping;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to the extent that an institution uses statistical default prediction models it is allowed to estimate PDs as the simple average of default-probability estimates for individual obligors in a given grade. The institution's use of default probability models for this purpose shall meet the standards specified in Article 174;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">irrespective of whether an institution is using external, internal, or pooled data sources, or a combination of the three, for its PD estimation, the length of the underlying historical observation period used shall be at least five years for at least one source. If the available observation period spans a longer period for any source, and this data is relevant, this longer period shall be used. This point also applies to the PD/LGD Approach to equity. Subject to the permission of competent authorities, institutions which have not received the permission of the competent authority pursuant to Article 143 to use own estimates of LGDs or conversion factors may use, when they implement the IRB Approach, relevant data covering a period of two years. The period to be covered shall increase by one year each year until relevant data cover a period of five years.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For retail exposures, the following requirements shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall estimate PDs by obligor grade or pool from long run averages of one-year default rates;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">PD estimates may also be derived from an estimate of total losses and appropriate estimates of LGDs;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall regard internal data for assigning exposures to grades or pools as the primary source of information for estimating loss characteristics. Institutions may use external data (including pooled data) or statistical models for quantification provided that the following strong links both exist:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">between the institution's process of assigning exposures to grades or pools and the process used by the external data source; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">between the institution's internal risk profile and the composition of the external data;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if an institution derives long run average estimates of PD and LGD for retail exposures from an estimate of total losses and an appropriate estimate of PD or LGD, the process for estimating total losses shall meet the overall standards for estimation of PD and LGD set out in this part, and the outcome shall be consistent with the concept of LGD as set out in point (a) of Article 181(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">irrespective of whether an institution is using external, internal or pooled data sources or a combination of the three, for their estimation of loss characteristics, the length of the underlying historical observation period used shall be at least five years for at least one source. If the available observation spans a longer period for any source, and these data are relevant, this longer period shall be used. An institution need not give equal importance to historic data if more recent data is a better predictor of loss rates. Subject to the permission of the competent authorities, institutions may use, when they implement the IRB Approach, relevant data covering a period of two years. The period to be covered shall increase by one year each year until relevant data cover a period of five years;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall identify and analyse expected changes of risk parameters over the life of credit exposures (seasoning effects).</p>
</div>
</div>
</div>
</div>
<p class="norm">For purchased retail receivables, institutions may use external and internal reference data. Institutions shall use all relevant data sources as points of comparison.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions according to which competent authorities may grant the permissions referred to in point (h) of paragraph 1 and point (e) of paragraph 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the methodologies according to which competent authorities shall assess the methodology of an institution for estimating PD pursuant to Article 143.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 181 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">In quantifying the risk parameters to be associated with rating grades or pools, institutions shall apply the following requirements specific to own-LGD estimates:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall estimate LGDs by facility grade or pool on the basis of the average realised LGDs by facility grade or pool using all observed defaults within the data sources (default weighted average);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall use LGD estimates that are appropriate for an economic downturn if those are more conservative than the long-run average. To the extent a rating system is expected to deliver realised LGDs at a constant level by grade or pool over time, institutions shall make adjustments to their estimates of risk parameters by grade or pool to limit the capital impact of an economic downturn;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall consider the extent of any dependence between the risk of the obligor and that of the collateral or collateral provider. Cases where there is a significant degree of dependence shall be addressed in a conservative manner;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">currency mismatches between the underlying obligation and the collateral shall be treated conservatively in the institution's assessment of LGD;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to the extent that LGD estimates take into account the existence of collateral, these estimates shall not solely be based on the collateral's estimated market value. LGD estimates shall take into account the effect of the potential inability of institutions to expeditiously gain control of their collateral and liquidate it;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to the extent that LGD estimates take into account the existence of collateral, institutions shall establish internal requirements for collateral management, legal certainty and risk management that are generally consistent with those set out in Chapter 4, Section 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to the extent that an institution recognises collateral for determining the exposure value for counterparty credit risk in accordance with Chapter 6, Section 5 or 6, any amount expected to be recovered from the collateral shall not be taken into account in the LGD estimates;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the specific case of exposures already in default, the institution shall use the sum of its best estimate of expected loss for each exposure given current economic circumstances and exposure status and its estimate of the increase of loss rate caused by possible additional unexpected losses during the recovery period, i.e. between date of default and final liquidation of the exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to the extent that unpaid late fees have been capitalised in the institution's income statement, they shall be added to the institution's measure of exposure and loss;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for exposures to corporates, institutions and central governments and central banks, estimates of LGD shall be based on data over a minimum of five years, increasing by one year each year after implementation until a minimum of seven years is reached, for at least one data source. If the available observation period spans a longer period for any source, and the data is relevant, this longer period shall be used.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For retail exposures, institutions may do the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">derive LGD estimates from realised losses and appropriate estimates of PDs;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">reflect future drawings either in their conversion factors or in their LGD estimates;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">For purchased retail receivables use external and internal reference data to estimate LGDs.</p>
</div>
</div>
</div>
</div>
<p class="norm">For retail exposures, estimates of LGD shall be based on data over a minimum of five years. An institution need not give equal importance to historic data if more recent data is a better predictor of loss rates. Subject to the permission of the competent authorities, institutions may use, when they implement the IRB Approach, relevant data covering a period of two years. The period to be covered shall increase by one year each year until relevant data cover a period of five years.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the nature, severity and duration of an economic downturn referred to in paragraph 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions according to which a competent authority may permit an institution pursuant to paragraph 2 to use relevant data covering a period of two years when the institution implements the IRB Approach.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 182 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">In quantifying the risk parameters to be associated with rating grades or pools, institutions shall apply the following requirements specific to own-conversion factor estimates:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall estimate conversion factors by facility grade or pool on the basis of the average realised conversion factors by facility grade or pool using the default weighted average resulting from all observed defaults within the data sources;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall use conversion factor estimates that are appropriate for an economic downturn if those are more conservative than the long-run average. To the extent a rating system is expected to deliver realised conversion factors at a constant level by grade or pool over time, institutions shall make adjustments to their estimates of risk parameters by grade or pool to limit the capital impact of an economic downturn;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions' estimates of conversion factors shall reflect the possibility of additional drawings by the obligor up to and after the time a default event is triggered. The conversion factor estimate shall incorporate a larger margin of conservatism where a stronger positive correlation can reasonably be expected between the default frequency and the magnitude of conversion factor;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in arriving at estimates of conversion factors institutions shall consider their specific policies and strategies adopted in respect of account monitoring and payment processing. Institutions shall also consider their ability and willingness to prevent further drawings in circumstances short of payment default, such as covenant violations or other technical default events;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall have adequate systems and procedures in place to monitor facility amounts, current outstandings against committed lines and changes in outstandings per obligor and per grade. The institution shall be able to monitor outstanding balances on a daily basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if institutions use different estimates of conversion factors for the calculation of risk-weighted exposure amounts and internal purposes it shall be documented and be reasonable.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For exposures to corporates, institutions and central governments and central banks, estimates of conversion factors shall be based on data over a minimum of five years, increasing by one year each year after implementation until a minimum of seven years is reached, for at least one data source. If the available observation period spans a longer period for any source, and the data is relevant, this longer period shall be used.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For retail exposures, institutions may reflect future drawings either in their conversion factors or in their LGD estimates.</div>
</div>
<p class="norm">For retail exposures, estimates of conversion factors shall be based on data over a minimum of five years. By way of derogation from point (a) of paragraph 1, an institution need not give equal importance to historic data if more recent data is a better predictor of draw downs. Subject to the permission of competent authorities, institutions may use, when they implement the IRB Approach, relevant data covering a period of two years. The period to be covered shall increase by one year each year until relevant data cover a period of five years.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the nature, severity and duration of an economic downturn referred to in paragraph 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">conditions according to which a competent authority may permit and institution to use relevant data covering a period of two years at the time an institution first implements the IRB Approach.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 183 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following requirements shall apply in relation to eligible guarantors and guarantees:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall have clearly specified criteria for the types of guarantors they recognise for the calculation of risk-weighted exposure amounts;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for recognised guarantors the same rules as for obligors as set out in Articles 171, 172 and 173 shall apply;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the guarantee shall be evidenced in writing, non-cancellable on the part of the guarantor, in force until the obligation is satisfied in full (to the extent of the amount and tenor of the guarantee) and legally enforceable against the guarantor in a jurisdiction where the guarantor has assets to attach and enforce a judgement. Conditional guarantees prescribing conditions under which the guarantor may not be obliged to perform may be recognised subject to permission of the competent authorities. The assignment criteria shall adequately address any potential reduction in the risk mitigation effect.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">An institution shall have clearly specified criteria for adjusting grades, pools or LGD estimates, and, in the case of retail and eligible purchased receivables, the process of allocating exposures to grades or pools, to reflect the impact of guarantees for the calculation of risk-weighted exposure amounts. These criteria shall comply with the requirements set out in Articles 171, 172 and 173.</div>
</div>
<p class="norm">The criteria shall be plausible and intuitive. They shall address the guarantor's ability and willingness to perform under the guarantee, the likely timing of any payments from the guarantor, the degree to which the guarantor's ability to perform under the guarantee is correlated with the obligor's ability to repay, and the extent to which residual risk to the obligor remains.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The requirements for guarantees in this Article shall apply also for single-name credit derivatives. In relation to a mismatch between the underlying obligation and the reference obligation of the credit derivative or the obligation used for determining whether a credit event has occurred, the requirements set out under Article 216(2) shall apply. For retail exposures and eligible purchased receivables, this paragraph applies to the process of allocating exposures to grades or pools.</div>
</div>
<p class="norm">The criteria shall address the payout structure of the credit derivative and conservatively assess the impact this has on the level and timing of recoveries. The institution shall consider the extent to which other forms of residual risk remain.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The requirements set out in paragraphs 1 to 3 shall not apply for guarantees provided by institutions, central governments and central banks, and corporate entities which meet the requirements laid down in Article 201(1)(g) if the institution has received permission to apply the Standardised Approach for exposures to such entities pursuant to Articles 148 and 150. In this case the requirements of Chapter 4 shall apply.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">For retail guarantees, the requirements set out in paragraphs 1, 2 and 3 shall also apply to the assignment of exposures to grades or pools, and the estimation of PD.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the conditions according to which competent authorities may permit conditional guarantees to be recognised.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 184 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">In quantifying the risk parameters to be associated with rating grades or pools for purchased receivables, institutions shall ensure the conditions laid down in paragraphs 2 to 6 are met.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The structure of the facility shall ensure that under all foreseeable circumstances the institution has effective ownership and control of all cash remittances from the receivables. When the obligor makes payments directly to a seller or servicer, the institution shall verify regularly that payments are forwarded completely and within the contractually agreed terms. Institutions shall have procedures to ensure that ownership over the receivables and cash receipts is protected against bankruptcy stays or legal challenges that could materially delay the lender's ability to liquidate or assign the receivables or retain control over cash receipts.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The institution shall monitor both the quality of the purchased receivables and the financial condition of the seller and servicer. The following shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall assess the correlation among the quality of the purchased receivables and the financial condition of both the seller and servicer, and have in place internal policies and procedures that provide adequate safeguards to protect against any contingencies, including the assignment of an internal risk rating for each seller and servicer;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall have clear and effective policies and procedures for determining seller and servicer eligibility. The institution or its agent shall conduct periodic reviews of sellers and servicers in order to verify the accuracy of reports from the seller or servicer, detect fraud or operational weaknesses, and verify the quality of the seller's credit policies and servicer's collection policies and procedures. The findings of these reviews shall be documented;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall assess the characteristics of the purchased receivables pools, including over-advances; history of the seller's arrears, bad debts, and bad debt allowances; payment terms, and potential contra accounts;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall have effective policies and procedures for monitoring on an aggregate basis single-obligor concentrations both within and across purchased receivables pools;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall ensure that it receives from the servicer timely and sufficiently detailed reports of receivables ageings and dilutions to ensure compliance with the institution's eligibility criteria and advancing policies governing purchased receivables, and provide an effective means with which to monitor and confirm the seller's terms of sale and dilution.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The institution shall have systems and procedures for detecting deteriorations in the seller's financial condition and purchased receivables quality at an early stage, and for addressing emerging problems pro-actively. In particular, the institution shall have clear and effective policies, procedures, and information systems to monitor covenant violations, and clear and effective policies and procedures for initiating legal actions and dealing with problem purchased receivables.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The institution shall have clear and effective policies and procedures governing the control of purchased receivables, credit, and cash. In particular, written internal policies shall specify all material elements of the receivables purchase programme, including the advancing rates, eligible collateral, necessary documentation, concentration limits, and the way cash receipts are to be handled. These elements shall take appropriate account of all relevant and material factors, including the seller and servicer's financial condition, risk concentrations, and trends in the quality of the purchased receivables and the seller's customer base, and internal systems shall ensure that funds are advanced only against specified supporting collateral and documentation.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">The institution shall have an effective internal process for assessing compliance with all internal policies and procedures. The process shall include regular audits of all critical phases of the institution's receivables purchase programme, verification of the separation of duties between firstly the assessment of the seller and servicer and the assessment of the obligor and secondly between the assessment of the seller and servicer and the field audit of the seller and servicer, and evaluations of back office operations, with particular focus on qualifications, experience, staffing levels, and supporting automation systems.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 3 -
Validation of internal estimatesArticle 185 -
<p class="norm">Institutions shall validate their internal estimates subject to the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall have robust systems in place to validate the accuracy and consistency of rating systems, processes, and the estimation of all relevant risk parameters. The internal validation process shall enable the institution to assess the performance of internal rating and risk estimation systems consistently and meaningfully;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall regularly compare realised default rates with estimated PDs for each grade and, where realised default rates are outside the expected range for that grade, institutions shall specifically analyse the reasons for the deviation. Institutions using own estimates of LGDs and conversion factors shall also perform analogous analysis for these estimates. Such comparisons shall make use of historical data that cover as long a period as possible. The institution shall document the methods and data used in such comparisons. This analysis and documentation shall be updated at least annually;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall also use other quantitative validation tools and comparisons with relevant external data sources. The analysis shall be based on data that are appropriate to the portfolio, are updated regularly, and cover a relevant observation period. Institutions' internal assessments of the performance of their rating systems shall be based on as long a period as possible;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the methods and data used for quantitative validation shall be consistent through time. Changes in estimation and validation methods and data (both data sources and periods covered) shall be documented;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall have sound internal standards for situations where deviations in realised PDs, LGDs, conversion factors and total losses, where EL is used, from expectations, become significant enough to call the validity of the estimates into question. These standards shall take account of business cycles and similar systematic variability in default experience. Where realised values continue to be higher than expected values, institutions shall revise estimates upward to reflect their default and loss experience;</p>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 4 -
Requirements for equity exposures under the internal models approachArticle 186 -
<p class="norm">For the purpose of calculating own funds requirements institutions shall meet the following standards:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the estimate of potential loss shall be robust to adverse market movements relevant to the long-term risk profile of the institution's specific holdings. The data used to represent return distributions shall reflect the longest sample period for which data is available and meaningful in representing the risk profile of the institution's specific equity exposures. The data used shall be sufficient to provide conservative, statistically reliable and robust loss estimates that are not based purely on subjective or judgmental considerations. The shock employed shall provide a conservative estimate of potential losses over a relevant long-term market or business cycle. The institution shall combine empirical analysis of available data with adjustments based on a variety of factors in order to attain model outputs that achieve appropriate realism and conservatism. In constructing value at risk (VaR) models estimating potential quarterly losses, institutions may use quarterly data or convert shorter horizon period data to a quarterly equivalent using an analytically appropriate method supported by empirical evidence and through a well-developed and documented thought process and analysis. Such an approach shall be applied conservatively and consistently over time. Where only limited relevant data is available the institution shall add appropriate margins of conservatism;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the models used shall capture adequately all of the material risks embodied in equity returns including both the general market risk and specific risk exposure of the institution's equity portfolio. The internal models shall adequately explain historical price variation, capture both the magnitude and changes in the composition of potential concentrations, and be robust to adverse market environments. The population of risk exposures represented in the data used for estimation shall be closely matched to or at least comparable with those of the institution's equity exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the internal model shall be appropriate for the risk profile and complexity of an institution's equity portfolio. Where an institution has material holdings with values that are highly non-linear in nature the internal models shall be designed to capture appropriately the risks associated with such instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">mapping of individual positions to proxies, market indices, and risk factors shall be plausible, intuitive, and conceptually sound;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall demonstrate through empirical analyses the appropriateness of risk factors, including their ability to cover both general and specific risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the estimates of the return volatility of equity exposures shall incorporate relevant and available data, information, and methods. Independently reviewed internal data or data from external sources including pooled data shall be used;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a rigorous and comprehensive stress-testing programme shall be in place.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 187 -
<p class="norm">With regard to the development and use of internal models for own funds requirement purposes, institutions shall establish policies, procedures, and controls to ensure the integrity of the model and modelling process. These policies, procedures, and controls shall include the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">full integration of the internal model into the overall management information systems of the institution and in the management of the non-trading book equity portfolio. Internal models shall be fully integrated into the institution's risk management infrastructure if they are particularly used in measuring and assessing equity portfolio performance including the risk-adjusted performance, allocating economic capital to equity exposures and evaluating overall capital adequacy and the investment management process;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">established management systems, procedures, and control functions for ensuring the periodic and independent review of all elements of the internal modelling process, including approval of model revisions, vetting of model inputs, and review of model results, such as direct verification of risk computations. These reviews shall assess the accuracy, completeness, and appropriateness of model inputs and results and focus on both finding and limiting potential errors associated with known weaknesses and identifying unknown model weaknesses. Such reviews may be conducted by an internal independent unit, or by an independent external third party;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">adequate systems and procedures for monitoring investment limits and the risk exposures of equity exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the units responsible for the design and application of the model shall be functionally independent from the units responsible for managing individual investments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">parties responsible for any aspect of the modelling process shall be adequately qualified. Management shall allocate sufficient skilled and competent resources to the modelling function.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 188 -
<p class="norm">Institutions shall have robust systems in place to validate the accuracy and consistency of their internal models and modelling processes. All material elements of the internal models and the modelling process and validation shall be documented.</p>
<p class="norm">The validation and documentation of institutions' internal models and modelling processes shall be subject to the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall use the internal validation process to assess the performance of its internal models and processes in a consistent and meaningful way;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the methods and data used for quantitative validation shall be consistent over time. Changes in estimation and validation methods and changes to data sources and periods covered, shall be documented;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall regularly compare actual equity returns computed using realised and unrealised gains and losses with modelled estimates. Such comparisons shall make use of historical data that cover as long a period as possible. The institution shall document the methods and data used in such comparisons. This analysis and documentation shall be updated at least annually;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall make use of other quantitative validation tools and comparisons with external data sources. The analysis shall be based on data that are appropriate to the portfolio, are updated regularly, and cover a relevant observation period. Institutions' internal assessments of the performance of their models shall be based on as long a period as possible;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall have sound internal standards for addressing situations where comparison of actual equity returns with the models estimates calls the validity of the estimates or of the models as such into question. These standards shall take account of business cycles and similar systematic variability in equity returns. All adjustments made to internal models in response to model reviews shall be documented and consistent with the institution's model review standards;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the internal model and the modelling process shall be documented, including the responsibilities of parties involved in the modelling, and the model approval and model review processes.</p>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 5 -
Internal governance and oversightArticle 189 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">All material aspects of the rating and estimation processes shall be approved by the institution's management body or a designated committee thereof and senior management. These parties shall possess a general understanding of the rating systems of the institution and detailed comprehension of its associated management reports.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Senior management shall be subject to the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall provide notice to the management body or a designated committee thereof of material changes or exceptions from established policies that will materially impact the operations of the institution's rating systems;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall have a good understanding of the rating systems designs and operations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall ensure, on an ongoing basis that the rating systems are operating properly.</p>
</div>
</div>
</div>
</div>
<p class="norm">Senior management shall be regularly informed by the credit risk control units about the performance of the rating process, areas needing improvement, and the status of efforts to improve previously identified deficiencies.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Internal ratings-based analysis of the institution's credit risk profile shall be an essential part of the management reporting to these parties. Reporting shall include at least risk profile by grade, migration across grades, estimation of the relevant parameters per grade, and comparison of realised default rates, and to the extent that own estimates are used of realised LGDs and realised conversion factors against expectations and stress-test results. Reporting frequencies shall depend on the significance and type of information and the level of the recipient.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 190 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The credit risk control unit shall be independent from the personnel and management functions responsible for originating or renewing exposures and report directly to senior management. The unit shall be responsible for the design or selection, implementation, oversight and performance of the rating systems. It shall regularly produce and analyse reports on the output of the rating systems.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The areas of responsibility for the credit risk control unit or units shall include:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">testing and monitoring grades and pools;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">production and analysis of summary reports of the institution's rating systems;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">implementing procedures to verify that grade and pool definitions are consistently applied across departments and geographic areas;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">reviewing and documenting any changes to the rating process, including the reasons for the changes;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">reviewing the rating criteria to evaluate if they remain predictive of risk. Changes to the rating process, criteria or individual rating parameters shall be documented and retained;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">active participation in the design or selection, implementation and validation of models used in the rating process;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">oversight and supervision of models used in the rating process;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">ongoing review and alterations to models used in the rating process.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions using pooled data in accordance with Article 179(2) may outsource the following tasks:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">production of information relevant to testing and monitoring grades and pools;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">production of summary reports of the institution's rating systems;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">production of information relevant to a review of the rating criteria to evaluate if they remain predictive of risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">documentation of changes to the rating process, criteria or individual rating parameters;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">production of information relevant to ongoing review and alterations to models used in the rating process.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions making use of paragraph 3 shall ensure that the competent authorities have access to all relevant information from the third party that is necessary for examining compliance with the requirements and that the competent authorities may perform on-site examinations to the same extent as within the institution.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 191 -
<p class="norm">Internal audit or another comparable independent auditing unit shall review at least annually the institution's rating systems and its operations, including the operations of the credit function and the estimation of PDs, LGDs, ELs and conversion factors. Areas of review shall include adherence to all applicable requirements.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 4 -
Credit risk mitigationSection 1 -
Definitions and general requirementsArticle 192 -
<p class="norm">For the purposes of this Chapter, the following definitions shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(1) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘lending institution’ means the institution which has the exposure in question;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(2) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘secured lending transaction’ means any transaction giving rise to an exposure secured by collateral which does not include a provision conferring upon the institution the right to receive margin at least daily;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(3) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘capital market-driven transaction’ means any transaction giving rise to an exposure secured by collateral which includes a provision conferring upon the institution the right to receive margin at least daily;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(4) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘underlying CIU’ means a CIU in the shares or units of which another CIU has invested.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 193 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">No exposure in respect of which an institution obtains credit risk mitigation shall produce a higher risk-weighted exposure amount or expected loss amount than an otherwise identical exposure in respect of which an institution has no credit risk mitigation.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where the risk-weighted exposure amount already takes account of credit protection under Chapter 2 or Chapter 3, as applicable, institutions shall not take into account that credit protection in the calculations under this Chapter.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where the provisions in Sections 2 and 3 are met, institutions may amend the calculation of risk-weighted exposure amounts under the Standardised Approach and the calculation of risk-weighted exposure amounts and expected loss amounts under the IRB Approach in accordance with the provisions of Sections 4, 5 and 6.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall treat cash, securities or commodities purchased, borrowed or received under a repurchase transaction or securities or commodities lending or borrowing transaction as collateral.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where an institution calculating risk-weighted exposure amounts under the Standardised Approach has more than one form of credit risk mitigation covering a single exposure it shall do both of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">subdivide the exposure into parts covered by each type of credit risk mitigation tool;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">calculate the risk-weighted exposure amount for each part obtained in point (a) separately in accordance with the provisions of Chapter 2 and this Chapter.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">When an institution calculating risk-weighted exposure amounts under the Standardised Approach covers a single exposure with credit protection provided by a single protection provider and that protection has differing maturities, it shall do both of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">subdivide the exposure into parts covered by each credit risk mitigation tool;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">calculate the risk-weighted exposure amount for each part obtained in point (a) separately in accordance with the provisions of Chapter 2 and this Chapter.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 194 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The technique used to provide the credit protection together with the actions and steps taken and procedures and policies implemented by the lending institution shall be such as to result in credit protection arrangements which are legally effective and enforceable in all relevant jurisdictions.</div>
</div>
<p class="norm">The lending institution shall provide, upon request of the competent authority, the most recent version of the independent, written and reasoned legal opinion or opinions that it used to establish whether its credit protection arrangement or arrangements meet the condition laid down in the first subparagraph.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The lending institution shall take all appropriate steps to ensure the effectiveness of the credit protection arrangement and to address the risks related to that arrangement.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may recognise funded credit protection in the calculation of the effect of credit risk mitigation only where the assets relied upon for protection meet both of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are included in the list of eligible assets set out in Articles 197 to 200, as applicable;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are sufficiently liquid and their value over time sufficiently stable to provide appropriate certainty as to the credit protection achieved having regard to the approach used to calculate risk-weighted exposure amounts and to the degree of recognition allowed.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions may recognise funded credit protection in the calculation of the effect of credit risk mitigation only where the lending institution has the right to liquidate or retain, in a timely manner, the assets from which the protection derives in the event of the default, insolvency or bankruptcy — or other credit event set out in the transaction documentation — of the obligor and, where applicable, of the custodian holding the collateral. The degree of correlation between the value of the assets relied upon for protection and the credit quality of the obligor shall not be too high.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">In the case of unfunded credit protection, a protection provider shall qualify as an eligible protection provider only where the protection provider is included in the list of eligible protection providers set out in Article 201 or 202, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">In the case of unfunded credit protection, a protection agreement shall qualify as an eligible protection agreement only where it meets both the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is included in the list of eligible protection agreements set out in Articles 203 and 204(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is legally effective and enforceable in the relevant jurisdictions, to provide appropriate certainty as to the credit protection achieved having regard to the approach used to calculate risk-weighted exposure amounts and to the degree of recognition allowed;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the protection provider meets the criteria laid down in paragraph 5.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">Credit protection shall comply with the requirements set out in Section 3, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">An institution shall be able to demonstrate to competent authorities that it has adequate risk management processes to control those risks to which it may be exposed as a result of carrying out credit risk mitigation practices.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">Notwithstanding the fact that credit risk mitigation has been taken into account for the purposes of calculating risk-weighted exposure amounts and, where applicable, expected loss amounts, institutions shall continue to undertake a full credit risk assessment of the underlying exposure and be in a position to demonstrate the fulfilment of this requirement to the competent authorities. In the case of repurchase transactions and securities lending or commodities lending or borrowing transactions the underlying exposure shall, for the purposes of this paragraph only, be deemed to be the net amount of the exposure.</div>
</div>
<div class="norm">
<span class="no-parag">10. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify what constitutes sufficiently liquid assets and when asset values can be considered as sufficiently stable for the purpose of paragraph 3.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 30 September 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
Eligible forms of credit risk mitigationSub-Section 1 -
Funded credit protectionArticle 195 -
<p class="norm">An institution may use on-balance sheet netting of mutual claims between itself and its counterparty as an eligible form of credit risk mitigation.</p>
<p class="norm">Without prejudice to Article 196, eligibility is limited to reciprocal cash balances between the institution and the counterparty. Institutions may amend risk-weighted exposure amounts and, as relevant, expected loss amounts only for loans and deposits that they have received themselves and that are subject to an on-balance sheet netting agreement.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 196 -
<p class="norm">Institutions adopting the Financial Collateral Comprehensive Method set out in Article 223 may take into account the effects of bilateral netting contracts covering repurchase transactions, securities or commodities lending or borrowing transactions, or other capital market-driven transactions with a counterparty. Without prejudice to Article 299, the collateral taken and securities or commodities borrowed within such agreements or transactions shall comply with the eligibility requirements for collateral set out in Articles 197 and 198.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 197 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may use the following items as eligible collateral under all approaches and methods:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">cash on deposit with, or cash assimilated instruments held by, the lending institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by central governments or central banks, which securities have a credit assessment by an ECAI or export credit agency recognised as eligible for the purposes of Chapter 2 which has been determined by EBA to be associated with credit quality step 4 or above under the rules for the risk weighting of exposures to central governments and central banks under Chapter 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by institutions or investment firms, which securities have a credit assessment by an ECAI which has been determined by EBA to be associated with credit quality step 3 or above under the rules for the risk weighting of exposures to institutions under Chapter 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by other entities which securities have a credit assessment by an ECAI which has been determined by EBA to be associated with credit quality step 3 or above under the rules for the risk weighting of exposures to corporates under Chapter 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities with a short-term credit assessment by an ECAI which has been determined by EBA to be associated with credit quality step 3 or above under the rules for the risk weighting of short term exposures under Chapter 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">equities or convertible bonds that are included in a main index;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">gold;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">securitisation positions that are not resecuritisation positions and which are subject to a 100 % risk weight or lower in accordance with Article 261 to Article 264.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (b) of paragraph 1, ‘debt securities issued by central governments or central banks’ shall include all the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by regional governments or local authorities, exposures to which are treated as exposures to the central government in whose jurisdiction they are established under Article 115(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by public sector entities which are treated as exposures to central governments in accordance with Article 116(4);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by multilateral development banks to which a 0 % risk weight is assigned under Article 117(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by international organisations which are assigned a 0 % risk weight under Article 118.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (c) of paragraph 1, ‘debt securities issued by institutions’ shall include all the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by regional governments or local authorities other than those debt securities referred to in point (a) of paragraph 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by public sector entities, exposures to which are treated in accordance with Article 116(1) and (2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by multilateral development banks other than those to which a 0 % risk weight is assigned under Article 117(2).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution may use debt securities that are issued by other institutions or investment firms and that do not have a credit assessment by an ECAI as eligible collateral where those debt securities fulfil all the following criteria:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are listed on a recognised exchange;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they qualify as senior debt;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all other rated issues by the issuing institution of the same seniority have a credit assessment by an ECAI which has been determined by EBA to be associated with credit quality step 3 or above under the rules for the risk weighting of exposures to institutions or short term exposures under Chapter 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the lending institution has no information to suggest that the issue would justify a credit assessment below that indicated in point (c);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the market liquidity of the instrument is sufficient for these purposes.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may use units or shares in CIUs as eligible collateral where all the following conditions are satisfied:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the units or shares have a daily public price quote;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the CIUs are limited to investing in instruments that are eligible for recognition under paragraphs 1 and 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the CIUs meet the conditions laid down in Article 132(3).</p>
</div>
</div>
</div>
</div>
<p class="norm">Where a CIU invests in shares or units of another CIU, conditions laid down in points (a) to (c) of the first subparagraph shall apply equally to any such underlying CIU.</p>
<p class="norm">The use by a CIU of derivative instruments to hedge permitted investments shall not prevent units or shares in that undertaking from being eligible as collateral.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">For the purposes of paragraph 5, where a CIU (‘the original CIU’) or any of its underlying CIUs are not limited to investing in instruments that are eligible under paragraphs 1 and 4, institutions may use units or shares in that CIU as collateral to an amount equal to the value of the eligible assets held by that CIU under the assumption that that CIU or any of its underlying CIUs have invested in non-eligible assets to the maximum extent allowed under their respective mandates.</div>
</div>
<p class="norm">Where any underlying CIU has underlying CIUs of its own, institutions may use units or shares in the original CIU as eligible collateral provided that they apply the methodology laid down in the first subparagraph.</p>
<p class="norm inline-element">Where non-eligible assets can have a negative value due to liabilities or contingent liabilities resulting from ownership, institutions shall do both of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">calculate the total value of the non-eligible assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the amount obtained under point (a) is negative, subtract the absolute value of that amount from the total value of the eligible assets.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">With regard to points (b) to (e) of paragraph 1, where a security has two credit assessments by ECAIs, institutions shall apply the less favourable assessment. Where a security has more than two credit assessments by ECAIs, institutions shall apply the two most favourable assessments. Where the two most favourable credit assessments are different, institutions shall apply the less favourable of the two.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">
<p class="norm inline-element">ESMA shall develop draft implementing technical standards to specify the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the main indices referred to in point (f) of paragraph 1 of this Article, in point (a) of Article 198(1), in Article 224(1) and (4), and in point (e) of Article 299(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the recognised exchanges referred to in point (a) of paragraph 4 of this Article, in point (a) of Article 198(1), in Article 224(1) and (4), in point (e) of Article 299(2), in point (k) of Article 400(2), in point (e) of Article 416(3), in point (c) of Article 428(1), and in point 12 of Annex III in accordance with the conditions laid down in point (72) of Article 4(1).</p>
</div>
</div>
</div>
</div>
<p class="norm">ESMA shall submit those draft implementing technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 198 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">In addition to the collateral established in Article 197, where an institution uses the Financial Collateral Comprehensive Method set out in Article 223, that institution may use the following items as eligible collateral:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">equities or convertible bonds not included in a main index but traded on a recognised exchange;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">units or shares in CIUs where both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the units or shares have a daily public price quote;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the CIU is limited to investing in instruments that are eligible for recognition under Article 197(1) and (4) and the items mentioned in point (a) of this subparagraph.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<p class="norm">In the case a CIU invests in units or shares of another CIU, conditions (a) and (b) of this paragraph equally apply to any such underlying CIU.</p>
<p class="norm">The use by a CIU of derivative instruments to hedge permitted investments shall not prevent units or shares in that undertaking from being eligible as collateral.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where the CIU or any underlying CIU are not limited to investing in instruments that are eligible for recognition under Article 197(1) and (4) and the items mentioned in point (a) of paragraph 1 of this Article, institutions may use units or shares in that CIU as collateral to an amount equal to the value of the eligible assets held by that CIU under the assumption that that CIU or any of its underlying CIUs have invested in non-eligible assets to the maximum extent allowed under their respective mandates.</div>
</div>
<p class="norm inline-element">Where non-eligible assets can have a negative value due to liabilities or contingent liabilities resulting from ownership, institutions shall do both of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">calculate the total value of the non-eligible assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the amount obtained under point (a) is negative, subtract the absolute value of that amount from the total value of the eligible assets.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 199 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">In addition to the collateral referred to in Articles 197 and 198, institutions that calculate risk-weighted exposure amounts and expected loss amounts under the IRB Approach may also use the following forms of collateral:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">immovable property collateral in accordance with paragraphs 2, 3 and 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">receivables in accordance with paragraph 5;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">other physical collateral in accordance with paragraphs 6 and 8;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">leasing in accordance with paragraph 7.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Unless otherwise specified under Article 124(2), institutions may use as eligible collateral residential property which is or will be occupied or let by the owner, or the beneficial owner in the case of personal investment companies, and commercial immovable property, including offices and other commercial premises, where both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the value of the property does not materially depend upon the credit quality of the obligor. Institutions may exclude situations where purely macro-economic factors affect both the value of the property and the performance of the borrower from their determination of the materiality of such dependence;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk of the borrower does not materially depend upon the performance of the underlying property or project, but on the underlying capacity of the borrower to repay the debt from other sources, and as a consequence the repayment of the facility does not materially depend on any cash flow generated by the underlying property serving as collateral.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may derogate from point (b) of paragraph 2 for exposures secured by residential property situated within the territory of a Member State, where the competent authority of that Member State has published evidence showing that a well-developed and long-established residential property market is present in that territory with loss rates that do not exceed any of the following limits:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">losses stemming from loans collateralised by residential property up to 80 % of the market value or 80 % of the mortgage lending value, unless otherwise provided under Article 124(2), do not exceed 0,3 % of the outstanding loans collateralised by residential property in any given year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">overall losses stemming from loans collateralised by residential property do not exceed 0,5 % of the outstanding loans collateralised by residential property in any given year.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where either of the conditions in points (a) and (b) of the first subparagraph is not met in a given year, institutions shall not use the treatment set out in that subparagraph until both conditions are satisfied in a subsequent year.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may derogate from point (b) of paragraph 2 for commercial immovable property situated within the territory of a Member State, where the competent authority of that Member State has published evidence showing that a well-developed and long-established commercial immovable property market is present in that territory with loss rates that do not exceed any of the following limits:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">losses stemming from loans collateralised by commercial immovable property up to 50 % of the market value or 60 % of the mortgage lending value do not exceed 0,3 % of the outstanding loans collateralised by commercial immovable property in any given year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">overall losses stemming from loans collateralised by commercial immovable property do not exceed 0,5 % of the outstanding loans collateralised by commercial immovable property in any given year.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where either of the conditions in points (a) and (b) of the first subparagraph is not met in a given year, institutions shall not use the treatment set out in that subparagraph until both conditions are satisfied in a subsequent year.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Institutions may use as eligible collateral amounts receivable linked to a commercial transaction or transactions with an original maturity of less than or equal to one year. Eligible receivables do not include those associated with securitisations, sub-participations or credit derivatives or amounts owed by affiliated parties.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities shall permit an institution to use as eligible collateral physical collateral of a type other than those indicated in paragraphs 2, 3 and 4 where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there are liquid markets, evidenced by frequent transactions taking into account the asset type, for the disposal of the collateral in an expeditious and economically efficient manner. Institutions shall carry out the assessment of this condition periodically and where information indicates material changes in the market;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there are well-established, publicly available market prices for the collateral. Institutions may consider market prices as well-established where they come from reliable sources of information such as public indices and reflect the price of the transactions under normal conditions. Institutions may consider market prices as publicly available, where these prices are disclosed, easily accessible, and obtainable regularly and without any undue administrative or financial burden;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution analyses the market prices, time and costs required to realise the collateral and the realised proceeds from the collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution demonstrates that the realised proceeds from the collateral are not below 70 % of the collateral value in more than 10 % of all liquidations for a given type of collateral. Where there is material volatility in the market prices, the institution demonstrates to the satisfaction of the competent authorities that its valuation of the collateral is sufficiently conservative.</p>
</div>
</div>
</div>
</div>
<p class="norm">Institutions shall document the fulfilment of the conditions specified in points (a) to (d) of the first subparagraph and those specified in Article 210.</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">Subject to the provisions of Article 230(2), where the requirements set out in Article 211 are met, exposures arising from transactions whereby an institution leases property to a third party may be treated in the same manner as loans collateralised by the type of property leased.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">EBA shall disclose a list of types of physical collateral for which institutions can assume that the conditions referred to in points (a) and (b) of paragraph 6 are met.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 200 -
<p class="norm">Institutions may use the following other funded credit protection as eligible collateral:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">cash on deposit with, or cash assimilated instruments held by, a third party institution in a non-custodial arrangement and pledged to the lending institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">life insurance policies pledged to the lending institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">instruments issued by a third‐party institution or by an investment firm which are to be repurchased by that institution or by that investment firm on request.</p>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 2 -
Unfunded credit protectionArticle 201 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may use the following parties as eligible providers of unfunded credit protection:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">central governments and central banks;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">regional governments or local authorities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">multilateral development banks;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">international organisations exposures to which a 0 % risk weight under Article 117 is assigned;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">public sector entities, claims on which are treated in accordance with Article 116;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions, and financial institutions for which exposures to the financial institution are treated as exposures to institutions in accordance with Article 119(5);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">other corporate entities, including parent undertakings, subsidiaries and affiliated corporate entities of the institution, where either of the following conditions is met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">those other corporate entities have a credit assessment by an ECAI;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in the case of institutions calculating risk-weighted exposure amounts and expected loss amounts under the IRB Approach, those other corporate entities do not have a credit assessment by a recognised ECAI and are internally rated by the institution;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">qualifying central counterparties.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where institutions calculate risk-weighted exposure amounts and expected loss amounts under the IRB Approach, to be eligible as a provider of unfunded credit protection a guarantor shall be internally rated by the institution in accordance with the provisions of Section 6 of Chapter 3.</div>
</div>
<p class="norm">Competent authorities shall publish and maintain the list of those financial institutions that are eligible providers of unfunded credit protection under point (f) of paragraph 1, or the guiding criteria for identifying such eligible providers of unfunded credit protection, together with a description of the applicable prudential requirements, and share their list with other competent authorities in accordance with Article 117 of Directive 2013/36/EU.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 202 -
<p class="norm">An institution may use institutions, investment firms, insurance and reinsurance undertakings and export credit agencies as eligible providers of unfunded credit protection which qualify for the treatment set out in Article 153(3) where they meet all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they have sufficient expertise in providing unfunded credit protection;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are regulated in a manner equivalent to the rules laid down in this Regulation, or had, at the time the credit protection was provided, a credit assessment by a recognised ECAI which had been determined by EBA to be associated with credit quality step 3 or above in accordance with the rules for the risk weighting of exposures to corporates set out in Chapter 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they had, at the time the credit protection was provided, or for any period of time thereafter, an internal rating with a PD equivalent to or lower than that associated with credit quality step 2 or above in accordance with the rules for the risk weighting of exposures to corporates set out in Chapter 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they have an internal rating with a PD equivalent to or lower than that associated with credit quality step 3 or above in accordance with the rules for the risk weighting of exposures to corporates set out in Chapter 2.</p>
</div>
</div>
<p class="norm">For the purpose of this Article, credit protection provided by export credit agencies shall not benefit from any explicit central government counter-guarantee.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 203 -
<p class="norm">Institutions may use guarantees as eligible unfunded credit protection.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 3 -
Types of derivativesArticle 204 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may use the following types of credit derivatives, and instruments that may be composed of such credit derivatives or that are economically effectively similar, as eligible credit protection:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">credit default swaps;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">total return swaps;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">credit linked notes to the extent of their cash funding.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where an institution buys credit protection through a total return swap and records the net payments received on the swap as net income, but does not record the offsetting deterioration in the value of the asset that is protected either through reductions in fair value or by an addition to reserves, that credit protection does not qualify as eligible credit protection.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where an institution conducts an internal hedge using a credit derivative, in order for the credit protection to qualify as eligible credit protection for the purposes of this Chapter, the credit risk transferred to the trading book shall be transferred out to a third party or parties.</div>
</div>
<p class="norm">Where an internal hedge has been conducted in accordance with the first subparagraph and the requirements in this Chapter have been met, institutions shall apply the rules set out in Sections 4 to 6 for the calculation of risk-weighted exposure amounts and expected loss amounts where they acquire unfunded credit protection.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 204a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions may use equity derivatives which are total return swaps or economically effectively similar, as eligible credit protection only for the purpose of conducting internal hedges.</div>
</div>
<p class="norm">Where an institution buys credit protection through a total return swap and records the net payments received on the swap as net income, but does not record the offsetting deterioration in the value of the asset that is protected either through reductions in fair value or by an addition to reserves, that credit protection shall not qualify as eligible credit protection.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where an institution conducts an internal hedge using an equity derivative, in order for the internal hedge to qualify as eligible credit protection for the purposes of this Chapter, the credit risk transferred to the trading book shall be transferred out to a third party or parties.</div>
</div>
<p class="norm">Where an internal hedge has been conducted in accordance with the first subparagraph and the requirements in this Chapter have been met, institutions shall apply the rules set out in Sections 4 to 6 of this Chapter for the calculation of risk-weighted exposure amounts and expected loss amounts where they acquire unfunded credit protection.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 3 -
RequirementsSub-Section 1 -
Funded credit protectionArticle 205 -
<p class="norm">On-balance sheet netting agreements other than master netting agreements referred to in Article 206 shall qualify as an eligible form of credit risk mitigation where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">those agreements are legally effective and enforceable in all relevant jurisdictions, including in the event of the insolvency or bankruptcy of a counterparty;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions are able to determine at any time the assets and liabilities that are subject to those agreements;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions monitor and control the risks associated with the termination of the credit protection on an ongoing basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions monitor and control the relevant exposures on a net basis and do so on an ongoing basis.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 206 -
<p class="norm">Master netting agreements covering repurchase transactions, securities or commodities lending or borrowing transactions or other capital market driven transactions shall qualify as an eligible form of credit risk mitigation where the collateral provided under those agreements meets all the requirements laid down in Article 207(2) to (4) and where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they are legally effective and enforceable in all relevant jurisdictions, including in the event of the bankruptcy or insolvency of the counterparty;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they give the non-defaulting party the right to terminate and close-out in a timely manner all transactions under the agreement upon the event of default, including in the event of the bankruptcy or insolvency of the counterparty;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they provide for the netting of gains and losses on transactions closed out under an agreement so that a single net amount is owed by one party to the other.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 207 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Under all approaches and methods, financial collateral and gold shall qualify as eligible collateral where all the requirements laid down in paragraphs 2 to 4 are met.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The credit quality of the obligor and the value of the collateral shall not have a material positive correlation. Where the value of the collateral is reduced significantly, this shall not alone imply a significant deterioration of the credit quality of the obligor. Where the credit quality of the obligor becomes critical, this shall not alone imply a significant reduction in the value of the collateral.</div>
</div>
<p class="norm">Securities issued by the obligor, or any related group entity, shall not qualify as eligible collateral. This notwithstanding, the obligor's own issues of covered bonds falling within the terms of Article 129 qualify as eligible collateral when they are posted as collateral for a repurchase transaction, provided that they comply with the condition set out in the first subparagraph.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall fulfil any contractual and statutory requirements in respect of, and take all steps necessary to ensure, the enforceability of the collateral arrangements under the law applicable to their interest in the collateral.</div>
</div>
<p class="norm">Institutions shall have conducted sufficient legal review confirming the enforceability of the collateral arrangements in all relevant jurisdictions. They shall re-conduct such review as necessary to ensure continuing enforceability.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall fulfil all the following operational requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall properly document the collateral arrangements and have in place clear and robust procedures for the timely liquidation of collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall use robust procedures and processes to control risks arising from the use of collateral, including risks of failed or reduced credit protection, valuation risks, risks associated with the termination of the credit protection, concentration risk arising from the use of collateral and the interaction with the institution's overall risk profile;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall have in place documented policies and practices concerning the types and amounts of collateral accepted;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall calculate the market value of the collateral, and revalue it accordingly, at least once every six months and whenever they have reason to believe that a significant decrease in the market value of the collateral has occurred;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the collateral is held by a third party, they shall take reasonable steps to ensure that the third party segregates the collateral from its own assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall ensure that they devote sufficient resources to the orderly operation of margin agreements with OTC derivatives and securities-financing counterparties, as measured by the timeliness and accuracy of their outgoing margin calls and response time to incoming margin calls;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">they shall have in place collateral management policies to control, monitor and report the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risks to which margin agreements expose them;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the concentration risk to particular types of collateral assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the reuse of collateral including the potential liquidity shortfalls resulting from the reuse of collateral received from counterparties;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the surrender of rights on collateral posted to counterparties.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">In addition to meeting all the requirements set out in paragraphs 2 to 4, for financial collateral to qualify as eligible collateral under the Financial Collateral Simple Method the residual maturity of the protection shall be at least as long as the residual maturity of the exposure.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 208 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Immovable property shall qualify as eligible collateral only where all the requirements laid down in paragraphs 2 to 5 are met.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following requirements on legal certainly shall be met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a mortgage or charge is enforceable in all jurisdictions which are relevant at the time of the conclusion of the credit agreement and shall be properly filed on a timely basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all legal requirements for establishing the pledge have been fulfilled;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the protection agreement and the legal process underpinning it enable the institution to realise the value of the protection within a reasonable timeframe.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following requirements on monitoring of property values and on property valuation shall be met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions monitor the value of the property on a frequent basis and at a minimum once every year for commercial immovable property and once every three years for residential property. Institutions carry out more frequent monitoring where the market is subject to significant changes in conditions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the property valuation is reviewed when information available to institutions indicates that the value of the property may have declined materially relative to general market prices and that review is carried out by a valuer who possesses the necessary qualifications, ability and experience to execute a valuation and who is independent from the credit decision process. For loans exceeding EUR 3 million or 5 % of the own funds of an institution, the property valuation shall be reviewed by such valuer at least every three years.</p>
</div>
</div>
</div>
</div>
<p class="norm">Institutions may use statistical methods to monitor the value of the immovable property and to identify immovable property that needs revaluation.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall clearly document the types of residential property and commercial immovable property they accept and their lending policies in this regard.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Institutions shall have in place procedures to monitor that the immovable property taken as credit protection is adequately insured against the risk of damage.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 209 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Receivables shall qualify as eligible collateral where all the requirements laid down in paragraphs 2 and 3 are met.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following requirements on legal certainty shall be met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the legal mechanism by which the collateral is provided to a lending institution shall be robust and effective and ensure that that institution has clear rights over the collateral including the right to the proceeds from the sale of the collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall take all steps necessary to fulfil local requirements in respect of the enforceability of security interest. Lending institutions shall have a first priority claim over the collateral although such claims may still be subject to the claims of preferential creditors provided for in legislative provisions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall have conducted sufficient legal review confirming the enforceability of the collateral arrangements in all relevant jurisdictions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall properly document their collateral arrangements and shall have in place clear and robust procedures for the timely collection of collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall have in place procedures that ensure that any legal conditions required for declaring the default of a borrower and timely collection of collateral are observed;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in the event of a borrower's financial distress or default, institutions shall have legal authority to sell or assign the receivables to other parties without consent of the receivables obligors.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following requirements on risk management shall be met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall have in place a sound process for determining the credit risk associated with the receivables. Such a process shall include analyses of a borrower's business and industry and the types of customers with whom that borrower does business. Where the institution relies on its borrowers to ascertain the credit risk of the customers, the institution shall review the borrowers' credit practices to ascertain their soundness and credibility;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the difference between the amount of the exposure and the value of the receivables shall reflect all appropriate factors, including the cost of collection, concentration within the receivables pool pledged by an individual borrower, and potential concentration risk within the institution's total exposures beyond that controlled by the institution's general methodology. Institutions shall maintain a continuous monitoring process appropriate to the receivables. They shall also review, on a regular basis, compliance with loan covenants, environmental restrictions, and other legal requirements;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">receivables pledged by a borrower shall be diversified and not be unduly correlated with that borrower. Where there is material positive correlation, institutions shall take into account the attendant risks in the setting of margins for the collateral pool as a whole;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall not use receivables from affiliates of a borrower, including subsidiaries and employees, as eligible credit protection;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institution shall have in place a documented process for collecting receivable payments in distressed situations. Institutions shall have in place the requisite facilities for collection even when they normally rely on their borrowers for collections.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 210 -
<p class="norm">Physical collateral other than immovable property collateral shall qualify as eligible collateral under the IRB Approach where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the collateral arrangement under which the physical collateral is provided to an institution shall be legally effective and enforceable in all relevant jurisdictions and shall enable that institution to realise the value of the collateral within a reasonable timeframe;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">with the sole exception of permissible first priority claims referred to in Article 209(2)(b), only first liens on, or charges over, collateral shall qualify as eligible collateral and an institution shall have priority over all other lenders to the realised proceeds of the collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall monitor the value of the collateral on a frequent basis and at least once every year. Institutions shall carry out more frequent monitoring where the market is subject to significant changes in conditions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the loan agreement shall include detailed descriptions of the collateral as well as detailed specifications of the manner and frequency of revaluation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall clearly document in internal credit policies and procedures available for examination the types of physical collateral they accept and the policies and practices they have in place in respect of the appropriate amount of each type of collateral relative to the exposure amount;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions' credit policies with regard to the transaction structure shall address the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">appropriate collateral requirements relative to the exposure amount;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the ability to liquidate the collateral readily;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the ability to establish objectively a price or market value;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the frequency with which the value can readily be obtained, including a professional appraisal or valuation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the volatility or a proxy of the volatility of the value of the collateral.</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">when conducting valuation and revaluation, institutions shall take fully into account any deterioration or obsolescence of the collateral, paying particular attention to the effects of the passage of time on fashion- or date-sensitive collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall have the right to physically inspect the collateral. They shall also have in place policies and procedures addressing their exercise of the right to physical inspection;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the collateral taken as protection shall be adequately insured against the risk of damage and institutions shall have in place procedures to monitor this.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 211 -
<p class="norm">Institutions shall treat exposures arising from leasing transactions as collateralised by the type of property leased, where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions set out in Article 208 or 210, as applicable, for the type of property leased to qualify as eligible collateral are met;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the lessor has in place robust risk management with respect to the use to which the leased asset is put, its location, its age and the planned duration of its use, including appropriate monitoring of the value of the security;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the lessor has legal ownership of the asset and is able to exercise its rights as owner in a timely fashion;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where this has not already been ascertained in calculating the LGD level, the difference between the value of the unamortised amount and the market value of the security is not so large as to overstate the credit risk mitigation attributed to the leased assets.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 212 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Cash on deposit with, or cash assimilated instruments held by, a third party institution shall be eligible for the treatment set out in Article 232(1), where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the borrower's claim against the third party institution is openly pledged or assigned to the lending institution and such pledge or assignment is legally effective and enforceable in all relevant jurisdictions and is unconditional and irrevocable;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the third party institution is notified of the pledge or assignment;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">as a result of the notification, the third party institution is able to make payments solely to the lending institution or to other parties only with the lending institution's prior consent.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Life insurance policies pledged to the lending institution shall qualify as eligible collateral where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the life insurance policy is openly pledged or assigned to the lending institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the company providing the life insurance is notified of the pledge or assignment and, as a result of the notification, may not pay amounts payable under the contract without the prior consent of the lending institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the lending institution has the right to cancel the policy and receive the surrender value in the event of the default of the borrower;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the lending institution is informed of any non-payments under the policy by the policy-holder;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the credit protection is provided for the maturity of the loan. Where this is not possible because the insurance relationship ends before the loan relationship expires, the institution shall ensure that the amount deriving from the insurance contract serves the institution as security until the end of the duration of the credit agreement;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the pledge or assignment is legally effective and enforceable in all jurisdictions which are relevant at the time of the conclusion of the credit agreement;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the surrender value is declared by the company providing the life insurance and is non-reducible;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the surrender value is to be paid by the company providing the life insurance in a timely manner upon request;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the surrender value shall not be requested without the prior consent of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the company providing the life insurance is subject to Directive 2009/138/EC or is subject to supervision by a competent authority of a third country which applies supervisory and regulatory arrangements at least equivalent to those applied in the Union.</p>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 2 -
Unfunded credit protection and credit linked notesArticle 213 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Subject to Article 214(1), credit protection deriving from a guarantee or credit derivative shall qualify as eligible unfunded credit protection where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the credit protection is direct;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the extent of the credit protection is clearly defined and incontrovertible;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the credit protection contract does not contain any clause, the fulfilment of which is outside the direct control of the lender, that:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">would allow the protection provider to cancel the protection unilaterally;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">would increase the effective cost of protection as a result of a deterioration in the credit quality of the protected exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">could prevent the protection provider from being obliged to pay out in a timely manner in the event that the original obligor fails to make any payments due, or when the leasing contract has expired for the purposes of recognising guaranteed residual value under Articles 134(7) and 166(4);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">could allow the maturity of the credit protection to be reduced by the protection provider;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the credit protection contract is legally effective and enforceable in all jurisdictions which are relevant at the time of the conclusion of the credit agreement.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">An institution shall demonstrate to competent authorities that it has in place systems to manage potential concentration of risk arising from its use of guarantees and credit derivatives. An institution shall be able to demonstrate to the satisfaction of the competent authorities how its strategy in respect of its use of credit derivatives and guarantees interacts with its management of its overall risk profile.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">An institution shall fulfil any contractual and statutory requirements in respect of, and take all steps necessary to ensure, the enforceability of its unfunded credit protection under the law applicable to its interest in the credit protection.</div>
</div>
<p class="norm">An institution shall have conducted sufficient legal review confirming the enforceability of the unfunded credit protection in all relevant jurisdictions. It shall repeat such review as necessary to ensure continuing enforceability.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 214 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may treat the exposures referred to in paragraph 2 as protected by a guarantee provided by the entities listed in that paragraph, provided that all the following conditions are satisfied:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the counter-guarantee covers all credit risk elements of the claim;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">both the original guarantee and the counter-guarantee meet the requirements for guarantees set out in Articles 213 and 215(1), except that the counter-guarantee need not be direct;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the cover is robust and nothing in the historical evidence suggests that the coverage of the counter-guarantee is less than effectively equivalent to that of a direct guarantee by the entity in question.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The treatment set out in paragraph 1 shall apply to exposures protected by a guarantee which is counter-guaranteed by any of the following entities:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a central government or a central bank;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a regional government or a local authority;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a public sector entity, claims on which are treated as claims on the central government in accordance with Article 116(4);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a multilateral development bank or an international organisation, to which a 0 % risk weight is assigned under or by virtue of Articles 117(2) and 118 respectively;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a public sector entity, claims on which are treated in accordance with Article 116(1) and (2).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall apply the treatment set out in paragraph 1 also to an exposure which is not counter-guaranteed by any entity listed in paragraph 2 where that exposure's counter-guarantee is in turn directly guaranteed by one of those entities and the conditions listed in paragraph 1 are satisfied.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 215 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Guarantees shall qualify as eligible unfunded credit protection where all the conditions in Article 213 and all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">on the qualifying default of or non-payment by the counterparty, the lending institution has the right to pursue, in a timely manner, the guarantor for any monies due under the claim in respect of which the protection is provided and the payment by the guarantor shall not be subject to the lending institution first having to pursue the obligor;</p>
<p class="list">In the case of unfunded credit protection covering residential mortgage loans, the requirements in Article 213(1)(c)(iii) and in the first subparagraph of this point have only to be satisfied within 24 months;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the guarantee is an explicitly documented obligation assumed by the guarantor;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either of the following conditions is met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the guarantee covers all types of payments the obligor is expected to make in respect of the claim;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where certain types of payment are excluded from the guarantee, the lending institution has adjusted the value of the guarantee to reflect the limited coverage.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">In the case of guarantees provided in the context of mutual guarantee schemes or provided by or counter-guaranteed by entities listed in Article 214(2), the requirements in point (a) of paragraph 1 of this Article shall be considered to be satisfied where either of the following conditions is met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the lending institution has the right to obtain in a timely manner a provisional payment by the guarantor that meets both the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it represents a robust estimate of the amount of the loss, including losses resulting from the non-payment of interest and other types of payment which the borrower is obliged to make, that the lending institution is likely to incur;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is proportional to the coverage of the guarantee;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the lending institution can demonstrate to the satisfaction of the competent authorities that the effects of the guarantee, which shall also cover losses resulting from the non-payment of interest and other types of payments which the borrower is obliged to make, justify such treatment.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 216 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Credit derivatives shall qualify as eligible unfunded credit protection where all the conditions in Article 213 and all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the credit events specified in the credit derivative contract include:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the failure to pay the amounts due under the terms of the underlying obligation that are in effect at the time of such failure, with a grace period that is equal to or shorter than the grace period in the underlying obligation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the bankruptcy, insolvency or inability of the obligor to pay its debts, or its failure or admission in writing of its inability generally to pay its debts as they become due, and analogous events;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the restructuring of the underlying obligation involving forgiveness or postponement of principal, interest or fees that results in a credit loss event;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where credit derivatives allow for cash settlement:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions have in place a robust valuation process in order to estimate loss reliably;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is a clearly specified period for obtaining post-credit-event valuations of the underlying obligation;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the protection purchaser's right and ability to transfer the underlying obligation to the protection provider is required for settlement, the terms of the underlying obligation provide that any required consent to such transfer shall not be unreasonably withheld;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the identity of the parties responsible for determining whether a credit event has occurred is clearly defined;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the determination of the credit event is not the sole responsibility of the protection provider;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the protection buyer has the right or ability to inform the protection provider of the occurrence of a credit event.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where the credit events do not include restructuring of the underlying obligation as described in point (a)(iii), the credit protection may nonetheless be eligible subject to a reduction in the value as specified in Article 233(2);</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">A mismatch between the underlying obligation and the reference obligation under the credit derivative or between the underlying obligation and the obligation used for purposes of determining whether a credit event has occurred is permissible only where both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the reference obligation or the obligation used for the purpose of determining whether a credit event has occurred, as the case may be, ranks pari passu with or is junior to the underlying obligation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the underlying obligation and the reference obligation or the obligation used for the purpose of determining whether a credit event has occurred, as the case may be, share the same obligor and legally enforceable cross-default or cross-acceleration clauses are in place.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 217 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">To be eligible for the treatment set out in Article 153(3), credit protection deriving from a guarantee or credit derivative shall meet the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the underlying obligation is to one of the following exposures:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a corporate exposure as referred to in Article 147, excluding insurance and reinsurance undertakings;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an exposure to a regional government, local authority or public sector entity which is not treated as an exposure to a central government or a central bank in accordance with Article 147;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an exposure to an SME, classified as a retail exposure in accordance with Article 147(5);</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the underlying obligors are not members of the same group as the protection provider;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure is hedged by one of the following instruments:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">single-name unfunded credit derivatives or single-name guarantees;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">first-to-default basket products;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">nth-to-default basket products;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the credit protection meets the requirements set out in Articles 213, 215 and 216, as applicable;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk weight that is associated with the exposure prior to the application of the treatment set out in Article 153(3), does not already factor in any aspect of the credit protection;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution has the right and expectation to receive payment from the protection provider without having to take legal action in order to pursue the counterparty for payment. To the extent possible, the institution shall take steps to satisfy itself that the protection provider is willing to pay promptly should a credit event occur;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the purchased credit protection absorbs all credit losses incurred on the hedged portion of an exposure that arise due to the occurrence of credit events outlined in the contract;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the payout structure of the credit protection provides for physical settlement, there is legal certainty with respect to the deliverability of a loan, bond, or contingent liability;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where an institution intends to deliver an obligation other than the underlying exposure, it shall ensure that the deliverable obligation is sufficiently liquid so that the institution would have the ability to purchase it for delivery in accordance with the contract;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the terms and conditions of credit protection arrangements are legally confirmed in writing by both the protection provider and the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions have in place a process to detect excessive correlation between the creditworthiness of a protection provider and the obligor of the underlying exposure due to their performance being dependent on common factors beyond the systematic risk factor;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in the case of protection against dilution risk, the seller of purchased receivables is not a member of the same group as the protection provider.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purpose of point (c)(ii) of paragraph 1, institutions shall apply the treatment set out in Article 153(3) to the asset within the basket with the lowest risk-weighted exposure amount.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For the purpose of point (c)(iii) of paragraph 1, the protection obtained is only eligible for consideration under this framework where eligible (n-1)th default protection has also been obtained or where (n-1) of the assets within the basket has or have already defaulted. Where this is the case, institutions shall apply the treatment set out in Article 153(3) to the asset within the basket with the lowest risk-weighted exposure amount.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 4 -
Calculating the effects of credit risk mitigationSub-Section 1 -
Funded credit protectionArticle 218 -
<p class="norm">Investments in credit linked notes issued by the lending institution may be treated as cash collateral for the purpose of calculating the effect of funded credit protection in accordance with this Sub-section, provided that the credit default swap embedded in the credit linked note qualifies as eligible unfunded credit protection. For the purpose of determining whether the credit default swap embedded in a credit linked note qualifies as eligible unfunded credit protection, the institution may consider the condition in point (c) of Article 194(6) to be met.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 219 -
<p class="norm">Loans to and deposits with the lending institution subject to on-balance sheet netting are to be treated by that institution as cash collateral for the purpose of calculating the effect of funded credit protection for those loans and deposits of the lending institution subject to on-balance sheet netting which are denominated in the same currency.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 220 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">When institutions calculate the 'fully adjusted exposure value' (E*) for the exposures subject to an eligible master netting agreement covering repurchase transactions or securities or commodities lending or borrowing transactions or other capital market-driven transactions, they shall calculate the volatility adjustments that they need to apply either by using the Supervisory Volatility Adjustments Approach or the Own Estimates Volatility Adjustments Approach ('Own Estimates Approach') as set out in Articles 223 to 226 for the Financial Collateral Comprehensive Method.</div>
</div>
<p class="norm">The use of the Own Estimates Approach shall be subject to the same conditions and requirements as apply under the Financial Collateral Comprehensive Method.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purpose of calculating E*, institutions shall:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">calculate the net position in each group of securities or in each type of commodity by subtracting the amount in point (ii) from the amount in point (i):</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total value of a group of securities or of commodities of the same type lent, sold or provided under the master netting agreement;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total value of a group of securities or of commodities of the same type borrowed, purchased or received under the master netting agreement;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">calculate the net position in each currency, other than the settlement currency of the master netting agreement, by subtracting the amount in point (ii) from the amount in point (i):</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sum of the total value of securities denominated in that currency lent, sold or provided under the master netting agreement and the amount of cash in that currency lent or transferred under that agreement;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sum of the total value of securities denominated in that currency borrowed, purchased or received under the master netting agreement and the amount of cash in that currency borrowed or received under that agreement;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">apply the volatility adjustment appropriate to a given group of securities or to a cash position to the absolute value of the positive or negative net position in the securities in that group;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">apply the foreign exchange risk (fx) volatility adjustment to the net positive or negative position in each currency other than the settlement currency of the master netting agreement.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate E* in accordance with the following formula:</p>
<p class="container-center">
<img 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" width="723" height="96" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">E<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the exposure value for each separate exposure i under the agreement that would apply in the absence of the credit protection, where institutions calculate risk-weighted exposure amounts under the Standardised Approach or where they calculate the risk-weighted exposure amounts and expected loss amounts under the IRB Approach;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">C<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the value of securities in each group or commodities of the same type borrowed, purchased or received or the cash borrowed or received in respect of each exposure i;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="50" height="39" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the net position (positive or negative) in a given group of securities j;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="42" height="39" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the net position (positive or negative) in a given currency k other than the settlement currency of the agreement as calculated under point (b) of paragraph 2;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="52" height="39" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility adjustment appropriate to a particular group of securities j;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="44" height="39" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the foreign exchange volatility adjustment for currency k.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purpose of calculating risk-weighted exposure amounts and expected loss amounts for repurchase transactions or securities or commodities lending or borrowing transactions or other capital market-driven transactions covered by master netting agreements, institutions shall use E* as calculated under paragraph 3 as the exposure value of the exposure to the counterparty arising from the transactions subject to the master netting agreement for the purposes of Article 113 under the Standardised Approach or Chapter 3 under the IRB Approach.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">For the purposes of paragraphs 2 and 3, ‘group of securities’ means securities which are issued by the same entity, have the same issue date, the same maturity, are subject to the same terms and conditions, and are subject to the same liquidation periods as indicated in Articles 224 and 225, as applicable.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 221 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Subject to permission of competent authorities, institutions may, as an alternative to using the Supervisory Volatility Adjustments Approach or the Own Estimates Approach in calculating the fully adjusted exposure value (E*) resulting from the application of an eligible master netting agreement covering repurchase transactions, securities or commodities lending or borrowing transactions, or other capital market driven transactions other than derivative transactions, use an internal models approach which takes into account correlation effects between security positions subject to the master netting agreement as well as the liquidity of the instruments concerned.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Subject to the permission of the competent authorities, institutions may also use their internal models for margin lending transactions, where the transactions are covered under a bilateral master netting agreement that meets the requirements set out in Chapter 6, Section 7.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">An institution may choose to use an internal models approach independently of the choice it has made between the Standardised Approach and the IRB Approach for the calculation of risk-weighted exposure amounts. However, where an institution seeks to use an internal models approach, it shall do so for all counterparties and securities, excluding immaterial portfolios where it may use the Supervisory Volatility Adjustments Approach or the Own Estimates Approach as laid down in Article 220.</div>
</div>
<p class="norm">Institutions that have received permission for an internal risk-measurement model under Title IV, Chapter 5 may use the internal models approach. Where an institution has not received such permission, it may still apply for permission to the competent authorities to use an internal models approach for the purposes of this Article.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities shall permit an institution to use an internal models approach only where they are satisfied that the institution's system for managing the risks arising from the transactions covered by the master netting agreement is conceptually sound and implemented with integrity and where the following qualitative standards are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the internal risk-measurement model used for calculating the potential price volatility for the transactions is closely integrated into the daily risk-management process of the institution and serves as the basis for reporting risk exposures to the senior management of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has a risk control unit that meets all the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is independent from business trading units and reports directly to senior management;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is responsible for designing and implementing the institution's risk-management system;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it produces and analyses daily reports on the output of the risk-measurement model and on the appropriate measures to be taken in terms of position limits;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the daily reports produced by the risk-control unit are reviewed by a level of management with sufficient authority to enforce reductions of positions taken and of overall risk exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has sufficient staff skilled in the use of sophisticated models in the risk control unit;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has established procedures for monitoring and ensuring compliance with a documented set of internal policies and controls concerning the overall operation of the risk-measurement system;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution's models have a proven track record of reasonable accuracy in measuring risks demonstrated through the back-testing of its output using at least one year of data;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution frequently conducts a rigorous programme of stress testing and the results of these tests are reviewed by senior management and reflected in the policies and limits it sets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution conducts, as part of its regular internal auditing process, an independent review of its risk-measurement system. This review shall include both the activities of the business trading units and of the independent risk-control unit;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">at least once a year, the institution conducts a review of its risk-management system;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the internal model meets the requirements set out in Article 292(8) and (9) and in Article 294.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">An institution's internal risk-measurement model shall capture a sufficient number of risk factors in order to capture all material price risks.</div>
</div>
<p class="norm">An institution may use empirical correlations within risk categories and across risk categories where its system for measuring correlations is sound and implemented with integrity.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions using the internal models approach shall calculate E* in accordance with the following formula:</p>
<p class="container-center">
<img 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" width="649" height="82" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">E<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the exposure value for each separate exposure i under the agreement that would apply in the absence of the credit protection, where institutions calculate the risk-weighted exposure amounts under the Standardised Approach or where they calculate risk-weighted exposure amounts and expected loss amounts under the IRB Approach;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">C<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the value of the securities borrowed, purchased or received or the cash borrowed or received in respect of each such exposure i.</p>
</td>
</tr></table></div>
</div>
<p class="norm">When calculating risk-weighted exposure amounts using internal models, institutions shall use the previous business day's model output.</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">The calculation of the potential change in value referred to in paragraph 6 shall be subject to all the following standards:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall be carried out at least daily;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall be based on a 99th percentile, one-tailed confidence interval;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall be based on a 5-day equivalent liquidation period, except in the case of transactions other than securities repurchase transactions or securities lending or borrowing transactions where a 10-day equivalent liquidation period shall be used;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall be based on an effective historical observation period of at least one year except where a shorter observation period is justified by a significant upsurge in price volatility;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the data set used in the calculation shall be updated every three months.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where an institution has a repurchase transaction, a securities or commodities lending or borrowing transaction and margin lending or similar transaction or netting set which meets the criteria set out in Article 285(2), (3) and (4), the minimum holding period shall be brought in line with the margin period of risk that would apply under those paragraphs, in combination with Article 285(5).</p>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">For the purpose of calculating risk-weighted exposure amounts and expected loss amounts for repurchase transactions or securities or commodities lending or borrowing transactions or other capital market-driven transactions covered by master netting agreements, institutions shall use E* as calculated under paragraph 6 as the exposure value of the exposure to the counterparty arising from the transactions subject to the master netting agreement for the purposes of Article 113 under the Standardised Approach or Chapter 3 under the IRB Approach.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">what constitutes an immaterial portfolio for the purpose of paragraph 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the criteria for determining whether an internal model is sound and implemented with integrity for the purpose of paragraphs 4 and 5 and master netting agreements.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2015.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 222 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions may use the Financial Collateral Simple Method only where they calculate risk-weighted exposure amounts under the Standardised Approach. Institution shall not use both the Financial Collateral Simple Method and the Financial Collateral Comprehensive Method, except for the purposes of Articles 148(1) and 150(1). Institutions shall not use this exception selectively with the purpose of achieving reduced own funds requirements or with the purpose of conducting regulatory arbitrage.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Under the Financial Collateral Simple Method institutions shall assign to eligible financial collateral a value equal to its market value as determined in accordance with point (d) of Article 207(4).</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall assign to those portions of exposure values that are collateralised by the market value of eligible collateral the risk weight that they would assign under Chapter 2 where the lending institution had a direct exposure to the collateral instrument. For this purpose, the exposure value of an off-balance sheet item listed in Annex I shall be equal to 100 % of the item's value rather than the exposure value indicated in Article 111(1).</div>
</div>
<p class="norm">The risk weight of the collateralised portion shall be at least 20 % except as specified in paragraphs 4 to 6. Institutions shall apply to the remainder of the exposure value the risk weight that they would assign to an unsecured exposure to the counterparty under Chapter 2.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall assign a risk weight of 0 % to the collateralised portion of the exposure arising from repurchase transaction and securities lending or borrowing transactions which fulfil the criteria in Article 227. Where the counterparty to the transaction is not a core market participant, institutions shall assign a risk weight of 10 %.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Institutions shall assign a risk weight of 0 %, to the extent of the collateralisation, to the exposure values determined under Chapter 6 for the derivative instruments listed in Annex II and subject to daily marking-to-market, collateralised by cash or cash assimilated instruments where there is no currency mismatch.</div>
</div>
<p class="norm">Institutions shall assign a risk weight of 10 %, to the extent of the collateralisation, to the exposure values of such transactions collateralised by debt securities issued by central governments or central banks which are assigned a 0 % risk weight under Chapter 2.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">For transactions other than those referred to in paragraphs 4 and 5, institutions may assign a 0 % risk weight where the exposure and the collateral are denominated in the same currency, and either of the following conditions is met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the collateral is cash on deposit or a cash assimilated instrument;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the collateral is in the form of debt securities issued by central governments or central banks eligible for a 0 % risk weight under Article 114, and its market value has been discounted by 20 %.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purpose of paragraphs 5 and 6 debt securities issued by central governments or central banks shall include:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by regional governments or local authorities exposures to which are treated as exposures to the central government in whose jurisdiction they are established under Article 115;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by multilateral development banks to which a 0 % risk weight is assigned under or by virtue of Article 117(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by international organisations which are assigned a 0 % risk weight under Article 118;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">debt securities issued by public sector entities which are treated as exposures to central governments in accordance with Article 116(4).</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 223 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">In order to take account of price volatility, institutions shall apply volatility adjustments to the market value of collateral, as set out in Articles 224 to 227, when valuing financial collateral for the purposes of the Financial Collateral Comprehensive Method.</div>
</div>
<p class="norm">Where collateral is denominated in a currency that differs from the currency in which the underlying exposure is denominated, institutions shall add an adjustment reflecting currency volatility to the volatility adjustment appropriate to the collateral as set out in Articles 224 to 227.</p>
<p class="norm">In the case of OTC derivatives transactions covered by netting agreements recognised by the competent authorities under Chapter 6, institutions shall apply a volatility adjustment reflecting currency volatility when there is a mismatch between the collateral currency and the settlement currency. Even where multiple currencies are involved in the transactions covered by the netting agreement, institutions shall apply a single volatility adjustment.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the volatility-adjusted value of the collateral (C<span class="subscript">VA</span>) they need to take into account as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="292" height="35" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">C</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the value of the collateral;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">H<span class="subscript">C</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility adjustment appropriate to the collateral, as calculated under Articles 224 and 227;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">H<span class="subscript">fx</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility adjustment appropriate to currency mismatch, as calculated under Articles 224 and 227.</p>
</td>
</tr></table></div>
</div>
<p class="norm">Institutions shall use the formula in this paragraph when calculating the volatility-adjusted value of the collateral for all transactions except for those transactions subject to recognised master netting agreements to which the provisions set out in Articles 220 and 221 apply.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the volatility-adjusted value of the exposure (E<span class="subscript">VA</span>) they need to take into account as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="215" height="35" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">E</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the exposure value as would be determined under Chapter 2 or Chapter 3, as applicable, where the exposure was not collateralised;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">H<span class="subscript">E</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility adjustment appropriate to the exposure, as calculated under Articles 224 and 227.</p>
</td>
</tr></table></div>
</div>
<p class="norm inline-element">In the case of OTC derivative transactions, institutions using the method laid down in Section 6 of Chapter 6 shall calculate E<span class="subscript">VA</span> as follows:</p>
<div class="list">E<span class="subscript">VA</span> = E.</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purpose of calculating E in paragraph 3, the following shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for institutions calculating risk-weighted exposure amounts under the Standardised Approach, the exposure value of an off-balance sheet item listed in Annex I shall be 100 % of that item's value rather than the exposure value indicated in Article 111(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for institutions calculating risk-weighted exposure amounts under the IRB Approach, they shall calculate the exposure value of the items listed in Article 166(8) to (10) by using a conversion factor of 100 % rather than the conversion factors or percentages indicated in those paragraphs.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the fully adjusted value of the exposure (E*), taking into account both volatility and the risk-mitigating effects of collateral as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAAnATMBAREA/8QAHQABAAICAwEBAAAAAAAAAAAAAAYHAQgEBQkDAv/EAEEQAAEDBAIBAgQCBQURAAAAAAECAwQFBgcRABIIEyEUFSIxFkEJIzJRkRcYQmHUGSQzN1JXWFlxdoGUlZaktNP/2gAIAQEAAD8A9U+OYJAGz+XKguvyzwLZ13M2XWcgU5M8P1GPUVNvIU1SFQo3xDxmq2DHHTQSVD61EJTs8talVWm1ymQ61Rp8edT6gw3Kiyo7gcafZcSFIcQoeykqSQQR7EEc5XHHHHHHHHHMczxxxxxxxxxxxxxxxxxxxzHM8cgebqvke3cb1i48Wzbaj1qkRnqh1uCDIkxXmWWXFqa0w62tClFKdL2oAb+lWxrWjx1z35jeReCI2bKPXMHW/wDHy34sSn1Sh1X0/wBU+GduyEzvoKldtANq/oDe1HV1eNeT8qX1HvS1c30i3abetk3B8qmt28l74Bxh2IxJjutqeWpauyHtnetew0PflYZq8CKTlzPVv5jlXnUitiTKenOuvNtyqWlLCPgTTEtsen2akthw/Eh0KC172SNbV0Wnu0mjwaU9UHp7kOM1HXKebbQ4+pCQkuKS0lDaVKI2QhKUgn2SBoDm8ccwSB+fHYcbGt8bB9uOyd67Df8At4BB9gQeZ5rhBubKeSPLm88ex8kyraszHFGok1VMpVPjF+sSKgl5e5El9DikNo9BQ6tBBPcfUNHfdX/ni9XszjAOE7XoFauWn0RNw1+fXao9FgUuMtz02GT6DTri33T9QTpISgdjvY5JcIZviZaN0W7UqP8AI7wsSrKotyUgSA+hh7RU0+y7pJcjvN/W2tSUnXYFIKTyzJAfLDgirbS90V6anElSQrXsSAQSN62ARzSiyPIrzAvPypvrxgFRw7DkWNTGao/Wvw5VXESm3UxlISlj49JSrUpPbayAUnXbYPLCszLXk1budLWx7mtrGFUtS9mKsxRazZsealwVGGgvehITIfWG9styFfT3+psp2NEnZnjjjjjjkdyFf1q4tsqs5BvaqIp1DoMRc2bJUkq6Np/cke6lEkJSke5UQB7nlA4vv3y48gqDHyjbyLMxdaFQeMu3qZXaHIq1UqcAoV6L8otymUR0O9kLCGwV6HsvRBV2njtnfL+Rs05OxRliyaRbkvHMCiNn5a+5IZqMiUJKnJjTiwCGHENtFtsgqR9QWpSt62M44445Ccu2tel12ZOh4+yRUrKr7TLjsCoxI8aQ2Hgg9EvNSGXEra3rsEhKtb0QeR7xVytXc3+Pdj5TuaHEi1a4KWmRMbiAhn1UuLbUpAUSUhRR267Ou2tnW+WvyIZf/wAVN5f7v1L/ANVznmx4oYnzlfvglaLtiZAVNoP4tjSJtnfIYhMiMxXW3HiiYpQcCgUB47/otqQPuOek1vXZaE3JF22PSKYWK9SIlLqtYkJjIQmSmWJDcclwHs4tKYS0nsPpSEAEj2Ew45q35E5CuS28iGmwPOfFeKGBBYWm369RIcqZ79tvqW/MbVpZ3oBAACfzOyax/lgvD/Wr4J/7Ypf9v5tlgmq1Gt4ypVUqmXLfyY/IU+r8S0KIzGhTE+soAIbZccQCgDodLO1JO9H25rN5w0e63M9YCpVsZavy1mL3uddJqTdHrTjTCWmmkkLaYO20ukOuDuUn7g6JSOfdOPK9H8yavgWm5RvhvHFcsKPe1VoztxzHXlShPcjKaYmLWqSw06oeo8ltxBXvrsJ+nnVYkyTc1Gxv5V2NPyw9b9LxrcFTpFrXFXZr8tygsOR1JjpW+vu66hpwIKAe7m1a2r6QK1s7Kdw48vbx6q1gt5TaTftch21dlYuZUv5DdyHkp7T4kadIW+ysqKnWlhtgFC/dJSevLT8w0X/40XBbfk5auSr1r1rRLg3ctjSrtkIaniQsqa+Ab2Rps9yYwCkFtIOglCzy2/EWw7hYs+Ll66My3Leku9oq6pGiPV9+bSKZClLS8xGjJcALimkdWy+sBaj39kg9Re1bqLtHo0+rM0ubUnIUZ2QmFCSlUiSUJKg00FqSkrVrSQpSRsjZH35qp4hXLUci+QOfsjXJB/C9eekUKhPWbMSfmlKiw4zpYkSlJJbV8R661I9IqTpGux51HjtJZ/ug/k1Fr8OcqsKg2+ulPvpV0RTEsALQkk66lxTJT7H9lXuPcHsvEcgeXPlv+/8AENvn/wAN/m3n5c84bYtq/bo/Sl57hY+yQbMnt2xTHHJnyWPUg638NTR6ZbeIAHYpVsEH6dfnzYbAzM7BeEMZWpmWhiVfNQuus0iHIMVo7qcyZU5Ildk/4Bp9lK1koBUEvBJT7kCU+OfkVXM113INpXdj2LZVw47rDdIn0pNbNQeX3QVokb9BoBlwD9Wodu4CiQnQ3IML5YuvKsq7JNRsml0ihUCuTKFTanErip3zdyK8pp95Lfw7fpNpWlSPdSiVocA+lIWqDp8uKUfMVHjC5R0twnqS+mPV+6iX64y01LdhJSPp6ohvIcKj79z1/I82I5T+Ts25Ese6FUC1fGq/b2hoYbdNVpUinNRitWyW0h99KyUjWz1A2SBvW+RL+c5mj/Qlyp/z9H/tXL8tyqya7b9NrUyiTqM/PiNSXadO6fExFrQFFl301KR3SSUnqpQ2Doke/NSv0sdHr1V8M7kdoyHVswKnTJlQS24U/wB7JfCSSkftgOLaJHvrXb+jsbO4tqVCq+NbVqdsSIr9IlUWC7BcigBlTBYR0KAAAE9daGhr7aHIRd12023r0yBVMaY4VdOSaLalIlTYxnGG3UoXrzlRYaHwHEpfSUy1hJaBPqtbV1UCni4m8kYeVPGpPkO1TKRSWzS51RegP1hamIZjep3akSQwFNlPpnuQ0rr+QWNEy3F2RLgu7FVOyXkK04dnLqFPFWXT01X434SIpoOpLzpaaAWEHakgEJ+3Y8r3xI8p4vk7SLtmLt80Kfbta9BuA4SXFUyQ0l6nyVk+wU60SSkfYpI58L58r5WN/Ja2MC3bYDTdHulMX0bpYqqltRXpa5bcGO8wWBpx52EtCdOFO1D3JGufvyp8u6T40yLQozFoO3RW7vqbUJuIib8K3CjrcS18S+4G3ClPquIQlPX6j20fpPL0ZVPfoyTVWo0aYtjT6GXVONNudfqCVqSkqSD+ZSDr8hzVP9G9eNwO4Vg4tmWbKdo1lGVTKXe0FwLolxNtylguxS70fPutQ36RbV0JC/y5t3yGZasav5GsuXaNAvuZaa5/ZmVNiwI0txyMttaHGekhKkDsFj6gOw6+33PKQxH4eZBwXY0PG+MPJ+5KXb0Bx56PGdtikSVJU64XFkuOMlR2pRPufb7cszBuDZWIJN21uuZFrN71+86kzUalV6tGjMvqLUdLDbQDCEpDaUo+lIGk7OgNndrccjVbxpjq5agurXFYdu1Sa4lKVyZtKjvuqCRpIK1oJIA9h784H8iuHv8ANVZ//QYn/wA+SWiUGiW1Tm6RbtHg0uC0VKbjQo6GGkFRJUQhACRskk+3uTyks6+L1ZzVkS0cgt5lrVtu2LI+PoUSHSIEhuPMKeq3lKebUpzskJHVRKRr2G+cVPjBfic1rzl/OJrxrS6WKAWfw7S/R+UiUqSmLr0t+zij+s/b1+fIOv8AR5UysUHJdtXnmu6K3AylJFWrSPlsCKoVZDqHGZjammwR0KNel+woKOxvR5zr48MMnZK/B1SvHyblGtY4nxZtqyabaMSNFZW1oLemRVOLRKfWlCAFJLTSNK6taWoGXY/8TV2beln3DWMr1y5qLj+jvUO2rfqFOhJi0+OthLHdK20Bxb3pJ6F1ZKylSwTpR3yfHfxhqXjo5Ko1tZcrM6zn5k2oNWzIpcJEWI9IX2IYcQj1W20n7NhXXZJ1snl8c1lxNPgR/OvPFLdlstzJds2fIYjlQDjrTbctLi0p+5SkuNgkfYrT+/kwvDx4qLuaU5/xXe7Nq3VMpIoVcZnUr5jTqvDQrs0XWUvMrS+2QkJdS5+yOpBHIjWfHS2Md4Ays1fOYLgg1S9nZFyXhfFMQIU1LiOitRkIKy0whDXpIY7LPRak9iVb5ZPjlS8gQPH6yqZkWqz3boTQmUzJM4hyWhakkt+vsaU8lBbC97HdKvdX7RqKh+E9523l+4s70byauVi9brhNU+rTjbVJU2+w2lpKEhktdEECO17pAJ0d/c8mlG8bbyeynaeT8kZ/uS8lWaqW7TaTIpFPhQQ8/HcYLykR20kuJS4rqsnY+w0Cd0x5V07KWDfJK28z4MttdWn5fpbuOqoyvXoR6t07UucvYUdI6rK/YJ9OOr81b5sgPwR4s4JiQocGpSKLZ1Lbix48KG5Lmz3UjQAbaSpTjzzhKlK1rs4pSiBs80XyTiHM1J8bbS8jKXeVLqNxUG6WsmRKHFsaXHrEmrz5feZAdlJfLjjaQ6trQjI7txWgeqQNeimPL6o2R7Qp130NMluPPZSssyorsZ5hegVNONupStKkk6IKR9uSMpSfcpB/4cx0R/kj+HM84FwW/RLroc+2rkpcapUqqR3IkyHJbDjT7K0lK0LSfYpIJBHNf7J8YsrYVp0izcD+QbdJsnal0yh3VbHz1dHUsqUtEWSmVHX6O1bS26HOuj7nZ3aeJ8R03F8Cpvu1qfcVy3HL+Y3DcNS6/FVOUEhCVFKAENNNoSlttlsBDaEgAbKidNoeL7zt7yPvfw2g2vIkYnyTWIuS5M1StNxKcF9qlA37lYflsxmOpIIaU57EL2L3807oM+wYmBKNKqUOs5RmRrfdqEWjyZzNKprzoTKlPBtBR1KAWQhS0FSngQQlKlJpp6DfXjB5qW1fV4VyDcNGybb66Dcq7YsqZAhUhMQIFPkutNOyQSVJ9D1FKSENhXsEpJ53PkBQKZnXM+TsaW8awzcT+PaKbXqaaZKYjMXLSp1RnMJRNU16SVp+Ij7KVHaHHUg7SpIo/OdUvjKeH7Tzbfdp3BEu66rytgtUFFFlPyqXRaOH0S3VttNKU0l2a5Kf6n3KFRx9RA16VVe77aptjzb3qNYYi0KPTnai9Oe2htuMGysuK2NgBPv9t/1b5Sn6PBKk+GOK+4O/kyvv+74l7XNjOOOOOOOOOOOOOOOOQi+cKYpyTWKXcd62LSqnWaK4hdPqami3NjdVFQQiQ2UuBGySUdup2dg8m325njjjmOCN8aGte/8AHgDXM8ccccccwQD7+/8AHggH9/8AHjQ3v3/jx1H9f8TyK37ivHmUWIEPIlpU+4YlOfMhiJUEF6OXCnrtbJPR0a+wWlQBAIGwDySxIcWnxWYMGM1HjR0JaaZaQEIbQkaCUpHsAB7ADn25/9k=" width="307" height="39" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">E<span class="subscript">VA</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility adjusted value of the exposure as calculated in paragraph 3;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">C<span class="subscript">VAM</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">C<span class="subscript">VA</span> further adjusted for any maturity mismatch in accordance with the provisions of Section 5;</p>
</td>
</tr></table></div>
</div>
<p class="norm">In the case of OTC derivative transactions, institutions using the methods laid down in Sections 3, 4 and 5 of Chapter 6 shall take into account the risk-mitigating effects of collateral in accordance with the provisions laid down in Sections 3, 4 and 5 of Chapter 6, as applicable.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Institutions may calculate volatility adjustments either by using the Supervisory Volatility Adjustments Approach referred to in Article 224 or the Own Estimates Approach referred to in Article 225.</div>
</div>
<p class="norm">An institution may choose to use the Supervisory Volatility Adjustments Approach or the Own Estimates Approach independently of the choice it has made between the Standardised Approach and the IRB Approach for the calculation of risk-weighted exposure amounts.</p>
<p class="norm">However, where an institution uses the Own Estimates Approach, it shall do so for the full range of instrument types, excluding immaterial portfolios where it may use the Supervisory Volatility Adjustments Approach.</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where the collateral consists of a number of eligible items, institutions shall calculate the volatility adjustment (H) as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAA9AIoBAREA/8QAHQABAAICAwEBAAAAAAAAAAAAAAYIAQcDBQkEAv/EAD8QAAEDBAEDAgIGBQoHAAAAAAECAwQABQYRBwgSIRMxCSIUFzJBUWEVGDRZkRYjM0JXWHJzgZaVl7HS09Tj/9oACAEBAAA/APVOlKUpXR5xl1uwHD7zmt3iz5MKxwXp8hqDGVIkLbbSVKDbafK1aB0BVd+N/iF8TcxIuDnFHH/KGWItRaE5VrxcuiOXe70wvbo13di9f4TU0/Whc/u782f7Q/8AtUeyTriw7DW338r4V5ttbMZAdeffwKUWW0H2UXUEoA86+17+KkXTp1icLdUMq/W3jG53L6fjgaVOh3OCqI8EOFSQtKVE9yQpBSrXlJ7dgdw3u+lKUpSo7nyM8Xi0z6tbjj8LIEhKozt9hPyoXg7UHG2HW3PI2AQrwTvStaNYeiPqL6keqzjHIeSr45xrY2I8iZZbVFiWWe4tFwaQwtL76lTNLYAdUC0jtWo6PqJ1o/jpK6j+pLnXmHknCc4HGkKy8VX1yw3VVptNwEq5O90ltK2FuylIZSFxwo96Fkg9ugfmFw6UrCkhaSlQ2CNV5KdTPF2WfDi6lbP1Q8JWofVvkkz6LdbS0lKGI6nSVv2/tB+VtxLanWV602tPbrSAFeoXGPIuG8vYFZeSMDubNysV9jCTEkIHuNlK0KH9VaFpUhST5SpKgfapT2jWh4H5VqW4dPWPQub7RzvgJhY3f1h+FlXoRNoyKA40AlDwSpIDzbrbLiHtE6StJ2FeNtb0PNAQa63JW8kdsU1vEJ1th3lTREJ+5RXJMZtzY0XGm3G1rT7+AtJ/Oql9IfUh1L9QmacjWbLjxja7bxzeZOPSRbbRcFPTZaQ+hDqFOSu1DQcaSogpKlJKk/IdKrh4c6juqTO+rTNOnPJHuK2rfx4mNMutxg2S5JeuEZ0sqCGErmFLLhQ99pfelKh7LHmrm0rhl/srv+Wr/oa80fhbYHy9kvTjc7hgvOb2IW5OWz2lQEYzCnhToZjFTnqvfN5BSO32Hb+dTj4Z8S4wOa+q6DeLubrPj54hqVOMdEcynUyLiFu+kj5W+4gq7U+BvQ8VdXk24y7Tx/kFyg5tZ8PejQHXEX67sJeh23Q/aHUKcbSpKRs6UtI9t+PBpp9cGX/vV+Cf9sWv/wB+ptwvyPlN/wCTLHapPxDOI+QWXnXC5jdmsFvYm3BIaWShpbcxa0ka7yUoV4Qfu2at2Pb3qK8qcZYhzJx9e+M88tabhY79G+jymSSk+FBSFpUNFK0LShaVD2UkGvOfoiHN/R/1a3ro1yK13LKMQvaXLtAmxWipENnR9K5a7ylhlwD03knz6gRrZHzeoQrNVp67soTYOPMUgp5Qk4obllsFqVb7ezMeuOSwwlz1rVFbh/z5ceKmxtKkAaAK0g+dddLnJGR27q5yvg622jkDH8DdwhnK4FgzuQZNwtswy22VmO6uQ+4mO4HFKLbjiiHArQQPBtFxXmmeZta7tMz7imbgkmDd5EGHGlXOPNM6I2U+nLSpnwhK9n5D5HadEggmhPQth3J2UckdSDuAcwu4YzH5InJksox6JcfpCi/JKVdz/lGgCNDx5qS9Ilsv9l+I/wBQ1syjJ1ZHdY9jtiZNzVBahmSophkH0WvkRpJCfHv27PkmrpcX5rneZoyBWccUzcJNrvL9vtok3NiZ+lIaNdkxPpf0aV7+wdka9zU4qP51YskyTG5FpxTM5GLXF1TZbubEGPMW0kKBUkNSEqbPcNp8jxvY81ovp06Pbx0z4hfMFwLnO/uWe6Nyn4zMuzW9aoNxeDSfpiV+ntZSloANrJbPcSR7V+uBOj66cDck5NyHaeb79dv5cXNy8ZPb5dmt7bVxlK9YhQW22FsAOSFr7WyAdAe1WHulqtl7t79qvNuiz4UlPY9HkspdacT+CkKBCh49iKi31K8P/wBlWH/8Bif+OvrtXFfGVjuDF2svHmMwJsZXezJi2eM062rRG0rSgKSdEjwfvNSmtNdS/UH9R+O2234vjT2W8g5dL/RWJ4zGWPVnS+0qLrnkFEZoDudc9gNAlPd3Di6Z+nlHClluuQ5Tf5GT8i5rIRc8uyCSolUqSAe1hoEnsjshRQ2gfd58eAndVdLfsyxnGblY7Pe7q3Gm5JNNutbBSpa5L4aW8pKQkHQDbS1FR0kAeSNjesufOnBjmXJcF5EsuZysWzLjibIm2G4CE3Oi7fQlLrciK4QHEK9NHlK0LGj2qSSCNZTuheffuW2uauQOdbreblPjxYuTwGrIxHgT4kSezNixoqO5TkJlDkVjvHe6tztXtQLit8XRRaVyOIuTcQweVOwtY5AyJ6zPCxKYEKA/JC4brEeW0lCmiyB2jtKQBo6I0JHwN0d3fgLKsoyTHOc7/ORmk6Tdr5ElWW3BEme6h3tfSpLYU32LdKwhJCD2gEa2K+fj3o0v3H3OF458b5/yC4X/ACgxm8jQ/YbYhi5xmfTAZ7UND0QUtJSVN6V7ne/NfF0AR7RaLHy9YLHZJNotjfKV8n2iI5bH4TQtT5aERbCHUJHpFLSgnt8AJ148VaulKUpSuqyq6XWyY3c7vY8dlX+4Q4jr0W1xnmmnZrqUkpZSt1SUIKjodyiAN7NeePHMjrvxLl3LOdsx6IHsuzTIwYMOU9yBAjx7LaAUqRAiMlSwlPckKWsna1edJ2ru3B+sn1+/u9k/8x7f/wBtdTknUR8SeZBDWJdCNotcvZ7nrhmkOcjXadaQh1kg70dlRGgRrzscPR3xT1X5VzpkXUJ1m2VMC72y1ps2IW9L8VcaE2+sqlLjtR3VpaPahtBWra1hxQKiE1d+lYAA/H+NZpWAAPx/jWaUpSlKVjQ/AVCuXs4ynjvC3slw3i+8Z7cm5MdlNntT7LT6kOOBKnO50gdqAdnWz7ew2pMyZUXGkOOMFpSkglCtEpP4HWx4/Kv3oD2FZpSlKUpSlKUpSqtfEgZsyum56VKjrcvETIbK/ZlMNPOSG3kzmS+poNAq2Igld3jXZ3ffqrOW6bFuUFi4wX0vRpTaX2XU/ZW2sdyVD8iCDX00pSlKUpSlKUpSsEA++/8AQ1mlKUpSlK//2Q==" width="138" height="61" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">a<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the proportion of the value of an eligible item <span class="italics">i</span> in the total value of collateral;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">H<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility adjustment applicable to eligible item <span class="italics">i</span>.</p>
</td>
</tr></table></div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 224 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The volatility adjustments to be applied by institutions under the Supervisory Volatility Adjustments Approach, assuming daily revaluation, shall be those set out in Tables 1 to 4 of this paragraph.</p>
<p class="norm">VOLATILITY ADJUSTMENTS</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-979b04a2-de78-4dff-aa8b-de87f9779307">Table 1</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="2%"><col width="12%"><col width="18%"><col width="2%"><col width="17%"><col width="4%"><col width="18%"><col width="3%"><col width="4%"><col width="18%"><col width="4%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality step with which the credit assessment of the debt security is associated</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Residual Maturity</p>
</td>
<td colspan="3" style="font-weight: bold" valign="top">
<p class="tbl-norm">Volatility adjustments for debt securities issued by entities described in Article 197(1)(b)</p>
</td>
<td colspan="3" style="font-weight: bold" valign="top">
<p class="tbl-norm">Volatility adjustments for debt securities issued by entities described in Article 197(1) (c) and (d)</p>
</td>
<td colspan="3" style="font-weight: bold" valign="top">
<p class="tbl-norm">Volatility adjustments for securitisation positions and meeting the criteria in Article 197(1) (h)</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td style="font-weight: bold" valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">20-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">10-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">20-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">10-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">20-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">10-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5-day liquidation period (%)</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">≤ 1 year</p>
</td>
<td valign="top">
<p class="tbl-norm">0,707</p>
</td>
<td valign="top">
<p class="tbl-norm">0,5</p>
</td>
<td valign="top">
<p class="tbl-norm">0,354</p>
</td>
<td valign="top">
<p class="tbl-norm">1,414</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">0,707</p>
</td>
<td valign="top">
<p class="tbl-norm">2,829</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">1,414</p>
</td>
</tr><tr><td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">>1 ≤ 5 years</p>
</td>
<td valign="top">
<p class="tbl-norm">2,828</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">1,414</p>
</td>
<td valign="top">
<p class="tbl-norm">5,657</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">2,828</p>
</td>
<td valign="top">
<p class="tbl-norm">11,314</p>
</td>
<td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">5,657</p>
</td>
</tr><tr><td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">> 5 years</p>
</td>
<td valign="top">
<p class="tbl-norm">5,657</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">2,828</p>
</td>
<td valign="top">
<p class="tbl-norm">11,314</p>
</td>
<td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">5,657</p>
</td>
<td valign="top">
<p class="tbl-norm">22,628</p>
</td>
<td valign="top">
<p class="tbl-norm">16</p>
</td>
<td valign="top">
<p class="tbl-norm">11,313</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2-3</p>
</td>
<td valign="top">
<p class="tbl-norm">≤ 1 year</p>
</td>
<td valign="top">
<p class="tbl-norm">1,414</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">0,707</p>
</td>
<td valign="top">
<p class="tbl-norm">2,828</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">1,414</p>
</td>
<td valign="top">
<p class="tbl-norm">5,657</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">2,828</p>
</td>
</tr><tr><td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">>1 ≤ 5 years</p>
</td>
<td valign="top">
<p class="tbl-norm">4,243</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">2,121</p>
</td>
<td valign="top">
<p class="tbl-norm">8,485</p>
</td>
<td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">4,243</p>
</td>
<td valign="top">
<p class="tbl-norm">16,971</p>
</td>
<td valign="top">
<p class="tbl-norm">12</p>
</td>
<td valign="top">
<p class="tbl-norm">8,485</p>
</td>
</tr><tr><td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">> 5 years</p>
</td>
<td valign="top">
<p class="tbl-norm">8,485</p>
</td>
<td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">4,243</p>
</td>
<td valign="top">
<p class="tbl-norm">16,971</p>
</td>
<td valign="top">
<p class="tbl-norm">12</p>
</td>
<td valign="top">
<p class="tbl-norm">8,485</p>
</td>
<td valign="top">
<p class="tbl-norm">33,942</p>
</td>
<td valign="top">
<p class="tbl-norm">24</p>
</td>
<td valign="top">
<p class="tbl-norm">16,970</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">≤ 1 year</p>
</td>
<td valign="top">
<p class="tbl-norm">21,213</p>
</td>
<td valign="top">
<p class="tbl-norm">15</p>
</td>
<td valign="top">
<p class="tbl-norm">10,607</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
</tr><tr><td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">>1 ≤ 5 years</p>
</td>
<td valign="top">
<p class="tbl-norm">21,213</p>
</td>
<td valign="top">
<p class="tbl-norm">15</p>
</td>
<td valign="top">
<p class="tbl-norm">10,607</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
</tr><tr><td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">> 5 years</p>
</td>
<td valign="top">
<p class="tbl-norm">21,213</p>
</td>
<td valign="top">
<p class="tbl-norm">15</p>
</td>
<td valign="top">
<p class="tbl-norm">10,607</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
<td valign="top">
<p class="tbl-norm">N/A</p>
</td>
</tr></tbody></table></div>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-7f2db2a3-7a16-4810-8f8a-c6dabb32f2a1">Table 2</p>
<table width="480" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="29%"><col width="9%"><col width="1%"><col width="9%"><col width="9%"><col width="9%"><col width="9%"><col width="9%"><col width="9%"><col width="9%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality step with which the credit assessment of a short term debt security is associated</p>
</td>
<td colspan="3" style="font-weight: bold" valign="top">
<p class="tbl-norm">Volatility adjustments for debt securities issued by entities described in Article 197(1)(b) with short-term credit assessments</p>
</td>
<td colspan="3" style="font-weight: bold" valign="top">
<p class="tbl-norm">Volatility adjustments for debt securities issued by entities described in Article 197(1) (c) and (d) with short-term credit assessments</p>
</td>
<td colspan="3" style="font-weight: bold" valign="top">
<p class="tbl-norm">Volatility adjustments for securitisation positions and meeting the criteria in Article 197(1)(h)</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">20-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">10-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">20-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">10-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">20-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">10-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5-day liquidation period (%)</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">0,707</p>
</td>
<td valign="top">
<p class="tbl-norm">0,5</p>
</td>
<td valign="top">
<p class="tbl-norm">0,354</p>
</td>
<td valign="top">
<p class="tbl-norm">1,414</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">0,707</p>
</td>
<td valign="top">
<p class="tbl-norm">2,829</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">1,414</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2-3</p>
</td>
<td valign="top">
<p class="tbl-norm">1,414</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">0,707</p>
</td>
<td valign="top">
<p class="tbl-norm">2,828</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">1,414</p>
</td>
<td valign="top">
<p class="tbl-norm">5,657</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">2,828</p>
</td>
</tr></tbody></table></div>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-f8e00b75-bb42-4ab1-93c7-6e41f66641ab">Table 3</p>
<p class="title-table" id="id-33295f19-986c-4d12-950c-fada31399dce">
<span class="norm">Other collateral or exposure types</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="44%"><col width="19%"><col width="19%"><col width="18%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">20-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">10-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5-day liquidation period (%)</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Main Index Equities, Main Index Convertible Bonds</p>
</td>
<td valign="top">
<p class="tbl-norm">21,213</p>
</td>
<td valign="top">
<p class="tbl-norm">15</p>
</td>
<td valign="top">
<p class="tbl-norm">10,607</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Other Equities or Convertible Bonds listed on a recognised exchange</p>
</td>
<td valign="top">
<p class="tbl-norm">35,355</p>
</td>
<td valign="top">
<p class="tbl-norm">25</p>
</td>
<td valign="top">
<p class="tbl-norm">17,678</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Cash</p>
</td>
<td valign="top">
<p class="tbl-norm">0</p>
</td>
<td valign="top">
<p class="tbl-norm">0</p>
</td>
<td valign="top">
<p class="tbl-norm">0</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Gold</p>
</td>
<td valign="top">
<p class="tbl-norm">21,213</p>
</td>
<td valign="top">
<p class="tbl-norm">15</p>
</td>
<td valign="top">
<p class="tbl-norm">10,607</p>
</td>
</tr></tbody></table></div>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-a44d707f-22d0-4bf9-a700-de00880153b1">Table 4</p>
<p class="title-table" id="id-2719d2fc-b5c6-4097-9a3f-38f646faa110">
<span class="norm">Volatility adjustment for currency mismatch</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="34%"><col width="34%"><col width="32%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">20-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">10-day liquidation period (%)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5-day liquidation period %)</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">11,314</p>
</td>
<td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">5,657</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The calculation of volatility adjustments in accordance with paragraph 1 shall be subject to the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for secured lending transactions the liquidation period shall be 20 business days;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for repurchase transactions, except insofar as such transactions involve the transfer of commodities or guaranteed rights relating to title to commodities, and securities lending or borrowing transactions the liquidation period shall be 5 business days;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for other capital market driven transactions, the liquidation period shall be 10 business days.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where an institution has a transaction or netting set which meets the criteria set out in Article 285(2), (3) and (4), the minimum holding period shall be brought in line with the margin period of risk that would apply under those paragraphs.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">In Tables 1 to 4 of paragraph 1 and in paragraphs 4 to 6, the credit quality step with which a credit assessment of the debt security is associated is the credit quality step with which the credit assessment is determined by EBA to be associated under Chapter 2.</div>
</div>
<p class="norm">For the purpose of determining the credit quality step with which a credit assessment of the debt security is associated referred to in the first subparagraph, Article 197(7) also applies.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For non-eligible securities or for commodities lent or sold under repurchase transactions or securities or commodities lending or borrowing transactions, the volatility adjustment is the same as for non-main index equities listed on a recognised exchange.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">For eligible units in CIUs the volatility adjustment is the weighted average volatility adjustments that would apply, having regard to the liquidation period of the transaction as specified in paragraph 2, to the assets in which the fund has invested.</div>
</div>
<p class="norm">Where the assets in which the fund has invested are not known to the institution, the volatility adjustment is the highest volatility adjustment that would apply to any of the assets in which the fund has the right to invest.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">For unrated debt securities issued by institutions or investment firms and satisfying the eligibility criteria in Article 197(4), the volatility adjustments is the same as for securities issued by institutions or corporates with an external credit assessment associated with credit quality step 2 or 3.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 225 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The competent authorities shall permit institutions to use their own volatility estimates for calculating the volatility adjustments to be applied to collateral and exposures where those institutions comply with the requirements set out in paragraphs 2 and 3. Institutions which have obtained permission to use their own volatility estimates shall not revert to the use of other methods except for demonstrated good cause and subject to the permission of the competent authorities.</div>
</div>
<p class="norm">For debt securities that have a credit assessment from an ECAI equivalent to investment grade or better, institutions may calculate a volatility estimate for each category of security.</p>
<p class="norm">For debt securities that have a credit assessment from an ECAI equivalent to below investment grade, and for other eligible collateral, institutions shall calculate the volatility adjustments for each individual item.</p>
<p class="norm">Institutions using the Own Estimates Approach shall estimate volatility of the collateral or foreign exchange mismatch without taking into account any correlations between the unsecured exposure, collateral or exchange rates.</p>
<p class="norm">In determining relevant categories, institutions shall take into account the type of issuer of the security, the external credit assessment of the securities, their residual maturity, and their modified duration. Volatility estimates shall be representative of the securities included in the category by the institution.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The calculation of the volatility adjustments shall be subject to all the following criteria:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall base the calculation on a 99th percentile, one-tailed confidence interval;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall base the calculation on the following liquidation periods:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">20 business days for secured lending transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">5 business days for repurchase transactions, except insofar as such transactions involve the transfer of commodities or guaranteed rights relating to title to commodities and securities lending or borrowing transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">10 business days for other capital market driven transactions;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions may use volatility adjustment numbers calculated in accordance with shorter or longer liquidation periods, scaled up or down to the liquidation period set out in point (b) for the type of transaction in question, using the square root of time formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="191" height="68" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">T<span class="subscript">M</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the relevant liquidation period;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">H<span class="subscript">M</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility adjustment based on the liquidation period T<span class="subscript">M</span>;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">H<span class="subscript">N</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility adjustment based on the liquidation period T<span class="subscript">N</span>.</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall take into account the illiquidity of lower-quality assets. They shall adjust the liquidation period upwards in cases where there is doubt concerning the liquidity of the collateral. They shall also identify where historical data may understate potential volatility. Such cases shall be dealt with by means of a stress scenario;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the length of the historical observation period institutions use for calculating volatility adjustments shall be at least one year. For institutions that use a weighting scheme or other methods for the historical observation period, the length of the effective observation period shall be at least one year. The competent authorities may also require an institution to calculate its volatility adjustments using a shorter observation period where, in the competent authorities' judgement, this is justified by a significant upsurge in price volatility;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall update their data sets and calculate volatility adjustments at least once every three months. They shall also reassess their data sets whenever market prices are subject to material changes.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The estimation of volatility adjustments shall meet all the following qualitative criteria:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institutions shall use the volatility estimates in the day-to-day risk management process including in relation to its internal exposure limits;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the liquidation period used by an institution in its day-to-day risk management process is longer than that set out in this Section for the type of transaction in question, that institution shall scale up its volatility adjustments in accordance with the square root of time formula set out in point (c) of paragraph 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall have in place established procedures for monitoring and ensuring compliance with a documented set of policies and controls for the operation of its system for the estimation of volatility adjustments and for the integration of such estimations into its risk management process;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an independent review of the institution's system for the estimation of volatility adjustments shall be carried out regularly within the institution's own internal auditing process. A review of the overall system for the estimation of volatility adjustments and for the integration of those adjustments into the institution's risk management process shall take place at least once a year. The subject of that review shall include at least the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the integration of estimated volatility adjustments into daily risk management;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the validation of any significant change in the process for the estimation of volatility adjustments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the verification of the consistency, timeliness and reliability of data sources used to run the system for the estimation of volatility adjustments, including the independence of such data sources;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the accuracy and appropriateness of the volatility assumptions.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 226 -
<p class="norm">The volatility adjustments set out in Article 224 are the volatility adjustments an institution shall apply where there is daily revaluation. Similarly, where an institution uses its own estimates of the volatility adjustments in accordance with Article 225, it shall calculate them in the first instance on the basis of daily revaluation. Where the frequency of revaluation is less than daily, institutions shall apply larger volatility adjustments. Institutions shall calculate them by scaling up the daily revaluation volatility adjustments, using the following square-root-of-time formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="299" height="82" alt="image"></p>
<p class="norm">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">H</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility adjustment to be applied;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">H<span class="subscript">M</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility adjustment where there is daily revaluation;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">N<span class="subscript">R</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the actual number of business days between revaluations;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">T<span class="subscript">M</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the liquidation period for the type of transaction in question.</p>
</td>
</tr></table><div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 227 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">In relation to repurchase transactions and securities lending or borrowing transactions, where an institution uses the Supervisory Volatility Adjustments Approach under Article 224 or the Own Estimates Approach under Article 225 and where the conditions set out in points (a) to (h) of paragraph 2 are satisfied, institutions may, instead of applying the volatility adjustments calculated under Articles 224 to 226, apply a 0 % volatility adjustment. Institutions using the internal models approach set out in Article 221 shall not use the treatment set out in this Article.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may apply a 0 % volatility adjustment where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">both the exposure and the collateral are cash or debt securities issued by central governments or central banks within the meaning of Article 197(1)(b) and eligible for a 0 % risk weight under Chapter 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">both the exposure and the collateral are denominated in the same currency;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">either the maturity of the transaction is no more than one day or both the exposure and the collateral are subject to daily marking-to-market or daily re-margining;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the time between the last marking-to-market before a failure to re-margin by the counterparty and the liquidation of the collateral is no more than four business days;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the transaction is settled in a settlement system proven for that type of transaction;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the documentation covering the agreement or transaction is standard market documentation for repurchase transactions or securities lending or borrowing transactions in the securities concerned;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the transaction is governed by documentation specifying that where the counterparty fails to satisfy an obligation to deliver cash or securities or to deliver margin or otherwise defaults, then the transaction is immediately terminable;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the counterparty is considered a core market participant by the competent authorities.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The core market participants referred to in point (h) of paragraph 2 shall include the following entities:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the entities mentioned in Article 197(1)(b) exposures to which are assigned a 0 % risk weight under Chapter 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ba) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">investment firms;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">other financial undertakings within the meaning of points (25)(b) and (d) of Article 13 of Directive 2009/138/EC exposures to which are assigned a 20 % risk weight under the Standardised Approach or which, in the case of institutions calculating risk-weighted exposure amounts and expected loss amounts under the IRB Approach, do not have a credit assessment by a recognised ECAI and are internally rated by the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">regulated CIUs that are subject to capital or leverage requirements;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">regulated pension funds;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">recognised clearing organisations.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 228 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Under the Standardised Approach, institutions shall use E* as calculated under Article 223(5) as the exposure value for the purposes of Article 113. In the case of off-balance sheet items listed in Annex I, institutions shall use E* as the value to which the percentages indicated in Article 111(1) shall be applied to arrive at the exposure value.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Under the IRB Approach, institutions shall use the effective LGD (LGD*) as the LGD for the purposes of Chapter 3. Institutions shall calculate LGD* as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="207" height="61" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">LGD</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the LGD that would apply to the exposure under Chapter 3 where the exposure was not collateralised;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">E</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the exposure value in accordance with Article 223(3);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">E*</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the fully adjusted exposure value in accordance with Article 223(5).</p>
</td>
</tr></table></div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 229 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For immovable property collateral, the collateral shall be valued by an independent valuer at or at less than the market value. An institution shall require the independent valuer to document the market value in a transparent and clear manner.</div>
</div>
<p class="norm">In those Member States that have laid down rigorous criteria for the assessment of the mortgage lending value in statutory or regulatory provisions the immovable property may instead be valued by an independent valuer at or at less than the mortgage lending value. Institutions shall require the independent valuer not to take into account speculative elements in the assessment of the mortgage lending value and to document that value in a transparent and clear manner.</p>
<p class="norm">The value of the collateral shall be the market value or mortgage lending value reduced as appropriate to reflect the results of the monitoring required under Article 208(3) and to take account of any prior claims on the immovable property.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For receivables, the value of receivables shall be the amount receivable.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall value physical collateral other than immovable property at its market value. For the purposes of this Article, the market value is the estimated amount for which the property would exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 230 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall use LGD* calculated in accordance with this paragraph and paragraph 2 as the LGD for the purposes of Chapter 3.</div>
</div>
<p class="norm">Where the ratio of the value of the collateral (C) to the exposure value (E) is below the required minimum collateralisation level of the exposure (C*) as laid down in Table 5, LGD* shall be the LGD laid down in Chapter 3 for uncollateralised exposures to the counterparty. For this purpose, institutions shall calculate the exposure value of the items listed in Article 166(8) to (10) by using a conversion factor or percentage of 100 % rather than the conversion factors or percentages indicated in those paragraphs.</p>
<p class="norm">Where the ratio of the value of the collateral to the exposure value exceeds a second, higher threshold level of C** as laid down in Table 5, LGD* shall be that prescribed in Table 5.</p>
<p class="norm">Where the required level of collateralisation C** is not achieved in respect of the exposure as a whole, institutions shall consider the exposure to be two exposures — one corresponding to the part in respect of which the required level of collateralisation C** is achieved and one corresponding to the remainder.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The applicable LGD* and required collateralisation levels for the secured parts of exposures are set out in Table 5 of this paragraph.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-6303eb10-38f0-4cde-a09d-89692f6fa38d">Table 5</p>
<p class="title-table" id="id-546518a2-b8d3-4002-a9c8-097614fc3c9b">
<span class="norm">Minimum LGD for secured parts of exposures</span>
</p>
<table width="320" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="22%"><col width="11%"><col width="14%"><col width="27%"><col width="27%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">LGD* for senior exposure</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">LGD* for subordinated exposures</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Required minimum collateralisation level of the exposure (C*)</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Required minimum collateralisation level of the exposure (C**)</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Receivables</p>
</td>
<td valign="top">
<p class="tbl-norm">35 %</p>
</td>
<td valign="top">
<p class="tbl-norm">65 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">125 %</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Residential property/commercial immovable property</p>
</td>
<td valign="top">
<p class="tbl-norm">35 %</p>
</td>
<td valign="top">
<p class="tbl-norm">65 %</p>
</td>
<td valign="top">
<p class="tbl-norm">30 %</p>
</td>
<td valign="top">
<p class="tbl-norm">140 %</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Other collateral</p>
</td>
<td valign="top">
<p class="tbl-norm">40 %</p>
</td>
<td valign="top">
<p class="tbl-norm">70 %</p>
</td>
<td valign="top">
<p class="tbl-norm">30 %</p>
</td>
<td valign="top">
<p class="tbl-norm">140 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">As an alternative to the treatment set out in paragraphs 1 and 2, and subject to Article 124(2), institutions may assign a 50 % risk weight to the part of the exposure that is, within the limits set out in Article 125(2)(d) and Article 126(2)(d) respectively, fully collateralised by residential property or commercial immovable property situated within the territory of a Member State where all the conditions in Article 199(3) or (4) are met.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 231 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall calculate the value of LGD* that it shall use as the LGD for the purposes of Chapter 3 in accordance with paragraphs 2 and 3 where both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution uses the IRB Approach to calculate risk-weighted exposure amounts and expected loss amounts;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an exposure is collateralised by both financial collateral and other eligible collateral.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall be required to subdivide the volatility-adjusted value of the exposure, obtained by applying the volatility adjustment as set out in Article 223(5) to the value of the exposure, into parts so as to obtain a part covered by eligible financial collateral, a part covered by receivables, a part covered by commercial immovable property collateral or residential property collateral, a part covered by other eligible collateral, and the unsecured part, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall calculate LGD* for each part of the exposure obtained in paragraph 2 separately in accordance with the relevant provisions of this Chapter.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 232 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Where the conditions set out in Article 212(1) are met, a deposit with a third party institution may be treated as a guarantee by the third party institution.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where the conditions set out in Article 212(2) are met, institutions shall subject the portion of the exposure collateralised by the current surrender value of life insurance policies pledged to the lending institution to the following treatment:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the exposure is subject to the Standardised Approach, it shall be risk-weighted by using the risk weights specified in paragraph 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the exposure is subject to the IRB Approach but not subject to the institution's own estimates of LGD, it shall be assigned an LGD of 40 %.</p>
</div>
</div>
</div>
</div>
<p class="norm">In the event of a currency mismatch, institutions shall reduce the current surrender value in accordance with Article 233(3), the value of the credit protection being the current surrender value of the life insurance policy.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (a) of paragraph 2, institutions shall assign the following risk weights on the basis of the risk weight assigned to a senior unsecured exposure to the undertaking providing the life insurance:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a risk weight of 20 %, where the senior unsecured exposure to the undertaking providing the life insurance is assigned a risk weight of 20 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a risk weight of 35 %, where the senior unsecured exposure to the undertaking providing the life insurance is assigned a risk weight of 50 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a risk weight of 70 %, where the senior unsecured exposure to the undertaking providing the life insurance is assigned a risk weight of 100 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a risk weight of 150 %, where the senior unsecured exposure to the undertaking providing the life insurance is assigned a risk weight of 150 %.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may treat instruments repurchased on request that are eligible under Article 200(c) as a guarantee by the issuing institution. The value of the eligible credit protection shall be the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the instrument will be repurchased at its face value, the value of the protection shall be that amount;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the instrument will be repurchased at market price, the value of the protection shall be the value of the instrument valued in the same way as the debt securities that meet the conditions in Article 197(4).</p>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 2 -
Unfunded credit protectionArticle 233 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For the purpose of calculating the effects of unfunded credit protection in accordance with this Sub-section, the value of unfunded credit protection (G) shall be the amount that the protection provider has undertaken to pay in the event of the default or non-payment of the borrower or on the occurrence of other specified credit events.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">In the case of credit derivatives which do not include as a credit event restructuring of the underlying obligation involving forgiveness or postponement of principal, interest or fees that result in a credit loss event the following shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the amount that the protection provider has undertaken to pay is not higher than the exposure value, institutions shall reduce the value of the credit protection calculated under paragraph 1 by 40 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the amount that the protection provider has undertaken to pay is higher than the exposure value, the value of the credit protection shall be no higher than 60 % of the exposure value.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where unfunded credit protection is denominated in a currency different from that in which the exposure is denominated, institutions shall reduce the value of the credit protection by the application of a volatility adjustment as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAAjANABAREA/8QAHQAAAgEFAQEAAAAAAAAAAAAAAAYHAQIFCAkDBP/EADkQAAEDAwMDAQcBAw0AAAAAAAECAwQFBhEABxIIEyExCRQVFiJBUZEjYXEXGSQyM0JSVleSltPU/9oACAEBAAA/AOqWo5u3qQ2BsO4W7TvLeey6NWVrU2qDNrcdp5khJUS6kqy0MA/U5xH2zkgabaNeto3FPk0ugXNTKlKhw4lQfbiSkPFuNKCzHdPEkBDgbWUH0UEkjx51iv5Wtvvn5O2XzGz8wrt1V2JY4L7RpQfDJk9/Ha49xQGOWcHljHnTahaXEhaFBSVDIIOQRq7Ro18VZrVHt2lya5cFVh0ynQmy7JmTH0MsMNj1UtayEpSPyTjSJanUl0/XzNnU60N6bKq0mnB9b7UWtx1qDbKAt10Dl9bSEnKnE5QMHKvBw+UasUu4aRBr9EnMzadUozUyJJZVybeZcQFoWk/dKkqBB/B19mjS/fl/Wjtlas69L4rTNLo9PSkvPuJUslSlBKG0IQCtxxa1JQhtAK1qUEpBJA1lzUIiYJqTzvYjpZ761vgtdtHHJK+WOOB65xjBzr2ZeZkstyI7qHWnUhaFoUFJUkjIII8EEffV+jRo0hXHv/sRZ1alW3d29dh0SrwSkSoFRuOHGksFSQpPcbccCkZSpKhkDIIPodW1jqB2Gt33D4/vbYVM+KwWqnA98uSGz73Dcz25DXJwc2lcVcVpyk4OD400Wtd1p3zRWbksm56TcFIkqWlmfS5rUuM4UKKVBLralJJCgQcHwQRrL6X7wvu2LDZp0q66iYEWqVGPSmZK2VqYRJfVwZS64kFLQWspQlSylJWtCc5UAc/661n9ofv3dHTz00Ve7bIcXHuCrzY9Bp01ISfcXHwtSn8K9Sltpzj4OFqScYB0/dPfT3Yux+2FOtGm0iHLqElhMivVV5oPSavPcSFPyH3Vp5ulSyccvRISMeNR1s90twdjtwN/ZNt2RHlWRuFBpculURl5tlDjyI81EynoSpQDTZU43wKuKEpf4p8NnGlzHTlvRE6gfkJuw2HaW/YouAbSSL0kKZaoTVSWwKOKyk8iC+6ZPaP9HVy4LzwRrrPS2uxTYrPuKIXbYbT7shQUlnCR9AI8EJ9Mj8aiHcPrK6Y9qbtm2LuBvFQqPXqcG/e4LxdU4xzQFpCuCFAEpUlWM5wR+dLf84d0Y/6/W7/sk/8AVqbrGvm09yrUp18WPW49XodWaL0Kaxy7byAopJHIA/1kqHkfbWnG4ctzqh6/nOmi8093bjau3mrnqVCdIMau1FxLBaU+nB7jTYmNYbVgZQs/3tT91N9N9l797J17bZ+34Lc5VPeVQJLUdDa4E9LauwttQ48U8jxWkEBSFrSfCjp22boNYtXaOybYuGImLVKRblMgTmEuBwNSGoraHEBSchQCkqGR4OMjTjo1rTchd3R64rdtGdGU5b+0tpOXUUOKBbcrdQdMaIstk/UWo7clSF4PFSz6HidYb2i+21Ir3TnuBflQrlzB+iWy4mLTY1dlRqaXQ6MPOxWlpQ85xcUn9pyTjAKTgYm/p8SlOw23CUgAC0aMAB6Ae5M6kDVvIfg/odVCgfHn9NV1z19pi3Z1C386WLnuSmwEwUXk85Vn1wQ8XYrUinKUlxKUKU6kDl9OFepwPOkn2o29uxW6Wwdu0ew6nHqFYh3ZAUnlQ5UdTcUMSUrSlx5hACcqR9AV5/HjXStTtt2bQQ685TaJSILaQVKLcWMwnIA/woQMkD7eo1kIsqNOjMzYUhp+PIQl1p1pYWhxChkKSoeCCDkEawe4NkUHcmx67YFzw25VKuCnv06W2tPIFt1BSSPuFDIUCCCCAQQQDqKuim8rmu7p8ocS953vtyWpLqFp1aUCVJkSKbKci90LPlZUhtslZxyUVHA159bnTzM6menqvbb0V2M1XkOM1SiuSVFLaZrCiUpUR6BaFON5IIHczjxnSLZ3VVs5fe1Y236pqyjba9o8KPDua36/Leob6n0Eft4rqFtlxhxbRWlTLh8Hif3o/Qdt9KG+e8F2T6fubHtyBIgO7f8AzZU6mUrpMsSuTqGpCwlwL7KCnupLraCgK4rJJ3q7bfc7vBPPHHljzj8Z1dqCtyKH1gzbynyNsK9s1Dto9sQm69Q6jJn/ANmnmXXGnkoJ58scR4Tx++dLXyx1/wD+bunv/jFW/wDTqfLFZvGPaVLY3AdortwtsBNQXRWXWoS3QTlTKHSVpSRg4UTg58nWpW9No3j06dYUPrEt61J9w2RdVDRbF+tUmGuXUKalAT2qgGU5UtpIYjc+AJCWleCVJyt9ZW4Wxm/W1lQrOwl+1y791PhraLfiWHX53vbbSFF9a5EVhYbQ0lsulZebCyeLaSFlCdbT9MtrRrS2HseC0mrCRLocGoTjVZsmTKVLfjtuPqcVIUpxJLilfR4CfQJSBjTFu1tjQN5dua9thdMypxaVcMX3SU9TJRjyUI5JVlDmDjykZBBSRkKBBIORsS0IG39lUGxaVNnzIdvU2NTI8ie93pLrbLaW0rdWAOSyEgk4GTnwNQLbk5qie0FvGi1JJafujbKkT6arkng63CnyGnwfOQsKfQQnBykKPjHn5vaGXrRIPTfem3PZq8y47sojrFIg0+jy5ipCw62CCplpSG8ev1qT4BxnT/0q39bV47MWrSqG9PMu26DSqZU2ZlLlwlsSURG0qRiQ0jngoUCU5Hj11L60haSkkjIxkHB1rs50KbPvOKdeurdRxxZKlLXuLWCVE+pJ7/rrM2V0f7Y2DdVNvChXJuKqfS3u8ymZfFTlMLOCClxlx0ocSQSClQIOdTj6D+GufHX5eFLqvUt07/CoVenI20vMVK6HYlAqDzVPjLdp7qXC4hkpcHBtZ/ZlZHEg+fGrfaoXlSNzNhLSs+wodfrdYqFcpd0MxYtAqC1fDSxLR3lHs8UHkpILaiHBkZSNOHUzflR3evvp8pViWjRbzsyv3HUpZplwypNJYqk6FBklDUll6GpaWmiC6lSkKStYSC3jC9M9d6gmukebF2dquxHwC0W6E41t9KpVYkVBmuVdJT2aIE+7lUZ9xbi+KnFqSUgEE+QnYvbus37XbUjVXcmy6falaePJ2lwqz8TQwnAICn+y0CsZIUEpKQR4UoedQp0CSE1bZCp3VDbd+G3He90VemuuI4F+I9VHi25xPlOcHwcHxrZPVpQk+SkfpqoGNV0aNGjVCM6oEJHoAP4arqujUPb97VXJc06192NsTETuBt9Jek0tmW92o9VhPpCJtMeXghCXmwODhSQ26hteMA6luOp12O05IZLLqkArb554KI8jI8HHpnXqBj8/rqujRo1QpB8+f1OjiP3/AKnUUbrbGTdytwrC3Dh7hVCgydvpMmbT4rECNIZfffaLLpdLqSogsqWgBJTjkVZ5BJCdup0dUbe+q3FP3Xv2qXCzPgPwrdjPQIzQtVS3UOJkQFNpSrvgtoBccK1KCQCeJUhWcvjbrel7ZuNs9bu4Eit1OvOKo9WvOqdmLNptKcQrvSENx0JD8rtgtNlIRhbiXFn6DmUrKs+39vrRo1j2rATCo9Bgs06DHSc9tlpAQgEnyTgeSfJOSfXWb0aNGjRo0aNGjRo0aNGjRo0aNGjRo0a//9k=" width="208" height="35" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">G*</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the amount of credit protection adjusted for foreign exchange risk,</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">G</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the nominal amount of the credit protection;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">H<span class="subscript">fx</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility adjustment for any currency mismatch between the credit protection and the underlying obligation determined in accordance with paragraph 4.</p>
</td>
</tr></table></div>
</div>
<p class="norm">Where there is no currency mismatch H<span class="subscript">fx</span> is equal to zero.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall base the volatility adjustments for any currency mismatch on a 10 business day liquidation period, assuming daily revaluation, and may calculate them based on the Supervisory Volatility Adjustments Approach or the Own Estimates Approach as set out in Articles 224 and 225 respectively. Institutions shall scale up the volatility adjustments in accordance with Article 226.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 234 -
<p class="norm">Where an institution transfers a part of the risk of a loan in one or more tranches, the rules set out in Chapter 5 shall apply. Institutions may consider materiality thresholds on payments below which no payment shall be made in the event of loss to be equivalent to retained first loss positions and to give rise to a tranched transfer of risk.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 235 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of Article 113(3) institutions shall calculate the risk-weighted exposure amounts in accordance with the following formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="313" height="35" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">E</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the exposure value in accordance with Article 111; for this purpose, the exposure value of an off-balance sheet item listed in Annex I shall be 100 % of its value rather than the exposure value indicated in Article 111(1);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">G<span class="subscript">A</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the amount of credit risk protection as calculated under Article 233(3) (G*) further adjusted for any maturity mismatch as laid down in Section 5;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">r</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the risk weight of exposures to the obligor as specified under Chapter 2;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">g</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the risk weight of exposures to the protection provider as specified under Chapter 2.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where the protected amount (G<span class="subscript">A</span>) is less than the exposure (E), institutions may apply the formula specified in paragraph 1 only where the protected and unprotected parts of the exposure are of equal seniority.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions may extend the treatment set out in Article 114(4) and (7) to exposures or parts of exposures guaranteed by the central government or central bank, where the guarantee is denominated in the domestic currency of the borrower and the exposure is funded in that currency.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 236 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For the covered portion of the exposure value (E), based on the adjusted value of the credit protection G<span class="subscript">A</span>, the PD for the purposes of Section 4 of Chapter 3 may be the PD of the protection provider, or a PD between that of the borrower and that of the guarantor where a full substitution is deemed not to be warranted. In the case of subordinated exposures and non-subordinated unfunded protection, the LGD to be applied by institutions for the purposes of Section 4 of Chapter 3 may be that associated with senior claims.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For any uncovered portion of the exposure value (E) the PD shall be that of the borrower and the LGD shall be that of the underlying exposure.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For the purposes of this Article, G<span class="subscript">A</span> is the value of G* as calculated under Article 233(3) further adjusted for any maturity mismatch as laid down in Section 5. E is the exposure value determined in accordance with Section 5 of Chapter 3. For this purpose, institutions shall calculate the exposure value of the items listed in Article 166(8) to (10) by using a conversion factor or percentage of 100 % rather than the conversion factors or percentages indicated in those paragraphs.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 5 -
Maturity mismatchesArticle 237 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For the purpose of calculating risk-weighted exposure amounts, a maturity mismatch occurs when the residual maturity of the credit protection is less than that of the protected exposure. Where protection has a residual maturity of less than three months and the maturity of the protection is less than the maturity of the underlying exposure that protection does not qualify as eligible credit protection.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where there is a maturity mismatch the credit protection shall not qualify as eligible where either of the following conditions is met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the original maturity of the protection is less than one year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure is a short term exposure specified by the competent authorities as being subject to a one-day floor rather than a one-year floor in respect of the maturity value (M) under Article 162(3).</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 238 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Subject to a maximum of five years, the effective maturity of the underlying shall be the longest possible remaining time before the obligor is scheduled to fulfil its obligations. Subject to paragraph 2, the maturity of the credit protection shall be the time to the earliest date at which the protection may terminate or be terminated.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where there is an option to terminate the protection which is at the discretion of the protection seller, institutions shall take the maturity of the protection to be the time to the earliest date at which that option may be exercised. Where there is an option to terminate the protection which is at the discretion of the protection buyer and the terms of the arrangement at origination of the protection contain a positive incentive for the institution to call the transaction before contractual maturity, an institution shall take the maturity of the protection to be the time to the earliest date at which that option may be exercised; otherwise the institution may consider that such an option does not affect the maturity of the protection.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where a credit derivative is not prevented from terminating prior to expiration of any grace period required for a default on the underlying obligation to occur as a result of a failure to pay institutions shall reduce the maturity of the protection by the length of the grace period.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 239 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For transactions subject to funded credit protection under the Financial Collateral Simple Method, where there is a mismatch between the maturity of the exposure and the maturity of the protection, the collateral does not qualify as eligible funded credit protection.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For transactions subject to funded credit protection under the Financial Collateral Comprehensive Method, institutions shall reflect the maturity of the credit protection and of the exposure in the adjusted value of the collateral in accordance with the following formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="244" height="61" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">C<span class="subscript">VA</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility adjusted value of the collateral as specified in Article 223(2) or the amount of the exposure, whichever is lower;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">t</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the number of years remaining to the maturity date of the credit protection calculated in accordance with Article 238, or the value of T, whichever is lower;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">T</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the number of years remaining to the maturity date of the exposure calculated in accordance with Article 238, or five years, whichever is lower;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">t*</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">0,25.</p>
</td>
</tr></table></div>
</div>
<p class="norm">Institutions shall use C<span class="subscript">VAM</span> as C<span class="subscript">VA</span> further adjusted for maturity mismatch in the formula for the calculation of the fully adjusted value of the exposure (E*) set out in Article 223(5).</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For transactions subject to unfunded credit protection, institutions shall reflect the maturity of the credit protection and of the exposure in the adjusted value of the credit protection in accordance with the following formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="203" height="61" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">G<span class="subscript">A</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">G* adjusted for any maturity mismatch;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">G*</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the amount of the protection adjusted for any currency mismatch;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">t</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">is the number of years remaining to the maturity date of the credit protection calculated in accordance with Article 238, or the value of T, whichever is lower;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">T</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">is the number of years remaining to the maturity date of the exposure calculated in accordance with Article 238, or five years, whichever is lower;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">t*</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">0,25.</p>
</td>
</tr></table></div>
</div>
<p class="norm">Institutions shall use G<span class="subscript">A</span> as the value of the protection for the purposes of Articles 233 to 236.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 6 -
Basket CRM techniquesArticle 240 -
<p class="norm">Where an institution obtains credit protection for a number of exposures under terms that the first default among the exposures shall trigger payment and that this credit event shall terminate the contract, the institution may amend the calculation of the risk-weighted exposure amount and, as relevant, the expected loss amount of the exposure which would, in the absence of the credit protection, produce the lowest risk-weighted exposure amount in accordance with this Chapter:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for institutions using the Standardised Approach, the risk-weighted exposure amount shall be that calculated under the Standardised Approach;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for institutions using the IRB Approach, the risk-weighted exposure amount shall be the sum of the risk-weighted exposure amount calculated under the IRB Approach and 12,5 times the expected loss amount.</p>
</div>
</div>
<p class="norm">The treatment set out in this Article applies only where the exposure value is less than or equal to the value of the credit protection.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 241 -
<p class="norm">Where the nth default among the exposures triggers payment under the credit protection, the institution purchasing the protection may only recognise the protection for the calculation of risk-weighted exposure amounts and, as applicable, expected loss amounts where protection has also been obtained for defaults 1 to n-1 or when n-1 defaults have already occurred. In such cases, the institution may amend the calculation of the risk-weighted exposure amount and, as applicable, the expected loss amount of the exposure which would, in the absence of the credit protection, produce the n-th lowest risk-weighted exposure amount in accordance with this Chapter. Institutions shall calculate the nth lowest amount as specified in points (a) and (b) of Article 240.</p>
<p class="norm">The treatment set out in this Article applies only where the exposure value is less than or equal to the value of the credit protection.</p>
<p class="norm">All exposures in the basket shall meet the requirements laid down in Article 204(2) and Article 216(1)(d).</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 5 -
SecuritisationSection 1 -
Definitions and criteria for simple, transparent and standardised securitisationsArticle 242 -
<p class="norm">For the purposes of this Chapter, the following definitions apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(1) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘clean-up call option’ means a contractual option that entitles the originator to call the securitisation positions before all of the securitised exposures have been repaid, either by repurchasing the underlying exposures remaining in the pool in the case of traditional securitisations or by terminating the credit protection in the case of synthetic securitisations, in both cases when the amount of outstanding underlying exposures falls to or below certain pre-specified level;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(2) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘credit-enhancing interest-only strip’ means an on-balance sheet asset that represents a valuation of cash flows related to future margin income and is a subordinated tranche in the securitisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(3) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘liquidity facility’ means a liquidity facility as defined in point (14) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(4) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘unrated position’ means a securitisation position which does not have an eligible credit assessment in accordance with Section 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(5) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘rated position’ means a securitisation position which has an eligible credit assessment in accordance with Section 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(6) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘senior securitisation position’ means a position backed or secured by a first claim on the whole of the underlying exposures, disregarding for these purposes amounts due under interest rate or currency derivative contracts, fees or other similar payments, and irrespective of any difference in maturity with one or more other senior tranches with which that position shares losses on a pro-rata basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(7) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘IRB pool’ means a pool of underlying exposures of a type in relation to which the institution has permission to use the IRB Approach and is able to calculate risk- weighted exposure amounts in accordance with Chapter 3 for all of these exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(8) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘mixed pool’ means a pool of underlying exposures of a type in relation to which the institution has permission to use the IRB Approach and is able to calculate risk- weighted exposure amounts in accordance with Chapter 3 for some, but not all, of the exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(9) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘overcollateralisation’ means any form of credit enhancement by virtue of which underlying exposures are posted in value which is higher than the value of the securitisation positions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(10) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘simple, transparent and standardised securitisation’ or ‘STS securitisation’ means a securitisation that meets the requirements set out in Article 18 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(11) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘asset-backed commercial paper programme’ or ‘ABCP programme’ means an asset backed commercial paper programme or ABCP programme as defined in point (7) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(12) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘asset-backed commercial paper transaction’ or ‘ABCP transaction’ means an asset-backed commercial paper transaction or ABCP transaction as defined in point (8) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(13) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘traditional securitisation’ means a traditional securitisation as defined in point (9) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(14) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘synthetic securitisation’ means a synthetic securitisation as defined in point (10) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(15) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘revolving exposure’ means a revolving exposure as defined in point (15) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(16) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘early amortisation provision’ means an early amortisation provision as defined in point (17) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(17) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘first loss tranche’ means a first loss tranche as defined in point (18) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(18) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘mezzanine securitisation position’ means a position in the securitisation which is subordinated to the senior securitisation position and more senior than the first loss tranche, and which is subject to a risk weight lower than 1 250 % and higher than 25 % in accordance with Subsections 2 and 3 of Section 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(19) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘promotional entity’ means any undertaking or entity established by a Member State’s central, regional or local government, which grants promotional loans or grants promotional guarantees, whose primary goal is not to make profit or maximise market share but to promote that government’s public policy objectives, provided that, subject to State aid rules, that government has an obligation to protect the economic basis of the undertaking or entity and maintain its viability throughout its lifetime, or that at least 90 % of its original capital or funding or the promotional loan it grants is directly or indirectly guaranteed by the Member State’s central, regional or local government;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(20) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘synthetic excess spread’ means a synthetic excess spread as defined in point (29) of Article 2 of Regulation (EU) 2017/2402.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 243 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Positions in an ABCP programme or ABCP transaction that qualify as positions in an STS securitisation shall be eligible for the treatment set out in Articles 260, 262 and 264 where the following requirements are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the underlying exposures meet, at the time of their inclusion in the ABCP programme, to the best knowledge of the originator or the original lender, the conditions for being assigned, under the Standardised Approach and taking into account any eligible credit risk mitigation, a risk weight equal to or smaller than 75 % on an individual exposure basis where the exposure is a retail exposure or 100 % for any other exposures; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the aggregate exposure value of all exposures to a single obligor at ABCP programme level does not exceed 2 % of the aggregate exposure value of all exposures within the ABCP programme at the time the exposures were added to the ABCP programme. For the purposes of this calculation, loans or leases to a group of connected clients, to the best knowledge of the sponsor, shall be considered as exposures to a single obligor.</p>
</div>
</div>
</div>
</div>
<p class="norm">In the case of trade receivables, point (b) of the first subparagraph shall not apply where the credit risk of those trade receivables is fully covered by eligible credit protection in accordance with Chapter 4, provided that in that case the protection provider is an institution, an investment firm, an insurance undertaking or a reinsurance undertaking.</p>
<p class="norm">In the case of securitised residual leasing values, point (b) of the first subparagraph shall not apply where those values are not exposed to refinancing or resell risk due to a legally enforceable commitment to repurchase or refinance the exposure at a pre-determined amount by a third party eligible under Article 201(1).</p>
<p class="norm">By way of derogation from point (a) of the first subparagraph, where an institution applies Article 248(3) or has been granted permission to apply the Internal Assessment Approach in accordance with Article 265, the risk weight that institution would assign to a liquidity facility that completely covers the ABCP issued under the programme is equal to or smaller than 100 %.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Positions in a securitisation, other than an ABCP programme or ABCP transaction, that qualify as positions in an STS securitisation, shall be eligible for the treatment set out in Articles 260, 262 and 264 where the following requirements are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">at the time of inclusion in the securitisation, the aggregate exposure value of all exposures to a single obligor in the pool does not exceed 2 % of the exposure values of the aggregate outstanding exposure values of the pool of underlying exposures. For the purposes of this calculation, loans or leases to a group of connected clients shall be considered as exposures to a single obligor.</p>
<p class="list">In the case of securitised residual leasing values, the first subparagraph of this point shall not apply where those values are not exposed to refinancing or resell risk due to a legally enforceable commitment to repurchase or refinance the exposure at a pre-determined amount by a third party eligible under Article 201(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">at the time of their inclusion in the securitisation, the underlying exposures meet the conditions for being assigned, under the Standardised Approach and taking into account any eligible credit risk mitigation, a risk weight equal to or smaller than:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">40 % on an exposure value-weighted average basis for the portfolio where the exposures are loans secured by residential mortgages or fully guaranteed residential loans, as referred to in point (e) of Article 129(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">50 % on an individual exposure basis where the exposure is a loan secured by a commercial mortgage;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">75 % on an individual exposure basis where the exposure is a retail exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for any other exposures, 100 % on an individual exposure basis;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where points (b)(i) and (b)(ii) apply, the loans secured by lower ranking security rights on a given asset shall only be included in the securitisation where all loans secured by prior ranking security rights on that asset are also included in the securitisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where point (b)(i) of this paragraph applies, no loan in the pool of underlying exposures shall have a loan-to-value ratio higher than 100 %, at the time of inclusion in the securitisation, measured in accordance with point (d)(i) of Article 129(1) and Article 229(1).</p>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
Recognition of significant risk transferArticle 244 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The originator institution of a traditional securitisation may exclude underlying exposures from its calculation of risk-weighted exposure amounts and, where relevant, expected loss amounts if either of the following conditions is fulfilled:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">significant credit risk associated with the underlying exposures has been transferred to third parties;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the originator institution applies a 1 250 % risk weight to all securitisation positions it holds in the securitisation or deducts these securitisation positions from Common Equity Tier 1 items in accordance with point (k) of Article 36(1).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Significant credit risk shall be considered as transferred in either of the following cases:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk-weighted exposure amounts of the mezzanine securitisation positions held by the originator institution in the securitisation do not exceed 50 % of the risk-weighted exposure amounts of all mezzanine securitisation positions existing in this securitisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the originator institution does not hold more than 20 % of the exposure value of the first loss tranche in the securitisation, provided that both of the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the originator can demonstrate that the exposure value of the first loss tranche exceeds a reasoned estimate of the expected loss on the underlying exposures by a substantial margin;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there are no mezzanine securitisation positions.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<p class="norm">Where the possible reduction in risk-weighted exposure amounts, which the originator institution would achieve by the securitisation under points (a) or (b), is not justified by a commensurate transfer of credit risk to third parties, competent authorities may decide on a case-by-case basis that significant credit risk shall not be considered as transferred to third parties.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">By way of derogation from paragraph 2, competent authorities may allow originator institutions to recognise significant credit risk transfer in relation to a securitisation where the originator institution demonstrates in each case that the reduction in own funds requirements which the originator achieves by the securitisation is justified by a commensurate transfer of credit risk to third parties. Permission may only be granted where the institution meets both of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has adequate internal risk management policies and methodologies to assess the transfer of credit risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has also recognised the transfer of credit risk to third parties in each case for the purposes of the institution’s internal risk management and its internal capital allocation.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">In addition to the requirements set out in paragraphs 1, 2 and 3, all of the following conditions shall be met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the transaction documentation reflects the economic substance of the securitisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the securitisation positions do not constitute payment obligations of the originator institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the underlying exposures are placed beyond the reach of the originator institution and its creditors in a manner that meets the requirement set out in Article 20(1) of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the originator institution does not retain control over the underlying exposures. It shall be considered that control is retained over the underlying exposures where the originator has the right to repurchase from the transferee the previously transferred exposures in order to realise their benefits or if it is otherwise required to re-assume transferred risk. The originator institution’s retention of servicing rights or obligations in respect of the underlying exposures shall not of itself constitute control of the exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the securitisation documentation does not contain terms or conditions that:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">require the originator institution to alter the underlying exposures to improve the average quality of the pool; or</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">increase the yield payable to holders of positions or otherwise enhance the positions in the securitisation in response to a deterioration in the credit quality of the underlying exposures;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where applicable, the transaction documentation makes it clear that the originator or the sponsor may only purchase or repurchase securitisation positions or repurchase, restructure or substitute the underlying exposures beyond their contractual obligations where such arrangements are executed in accordance with prevailing market conditions and the parties to them act in their own interest as free and independent parties (arm’s length);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where there is a clean-up call option, that option shall also meet all of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it can be exercised at the discretion of the originator institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it may only be exercised when 10 % or less of the original value of the underlying exposures remains unamortised;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is not structured to avoid allocating losses to credit enhancement positions or other positions held by investors in the securitisation and is not otherwise structured to provide credit enhancement;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the originator institution has received an opinion from a qualified legal counsel confirming that the securitisation complies with the conditions set out in point (c) of this paragraph.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The competent authorities shall inform the EBA of those cases where they have decided that the possible reduction in risk-weighted exposure amounts was not justified by a commensurate transfer of credit risk to third parties in accordance with paragraph 2, and the cases where institutions have chosen to apply paragraph 3.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">The EBA shall monitor the range of supervisory practices in relation to the recognition of significant risk transfer in traditional securitisations in accordance with this Article. In particular, the EBA shall review:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions for the transfer of significant credit risk to third parties in accordance with paragraphs 2, 3 and 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the interpretation of ‘commensurate transfer of credit risk to third parties’ for the purposes of the competent authorities’ assessment provided for in the second subparagraph of paragraph 2 and in paragraph 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the requirements for the competent authorities’ assessment of securitisation transactions in relation to which the originator seeks recognition of significant credit risk transfer to third parties in accordance with paragraph 2 or 3.</p>
</div>
</div>
</div>
</div>
<p class="norm">The EBA shall report its findings to the Commission by 2 January 2021. The Commission may, having taken into account the report from the EBA, adopt a delegated act in accordance with Article 462, to supplement this Regulation by further specifying the items listed in points (a), (b) and (c) of this paragraph.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 245 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The originator institution of a synthetic securitisation may calculate risk-weighted exposure amounts, and, where relevant, expected loss amounts with respect to the underlying exposures in accordance with Articles 251 and 252, where either of the following conditions is met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">significant credit risk has been transferred to third parties either through funded or unfunded credit protection;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the originator institution applies a 1 250 % risk weight to all securitisation positions that it retains in the securitisation or deducts these securitisation positions from Common Equity Tier 1 items in accordance with point (k) of Article 36(1).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Significant credit risk shall be considered as transferred in either of the following cases:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk-weighted exposure amounts of the mezzanine securitisation positions held by the originator institution in the securitisation do not exceed 50 % of the risk-weighted exposure amounts of all mezzanine securitisation positions existing in this securitisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the originator institution does not hold more than 20 % of the exposure value of the first loss tranche in the securitisation, provided that both of the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the originator can demonstrate that the exposure value of the first loss tranche exceeds a reasoned estimate of the expected loss on the underlying exposures by a substantial margin;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there are no mezzanine securitisation positions.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<p class="norm">Where the possible reduction in risk-weighted exposure amounts, which the originator institution would achieve by the securitisation, is not justified by a commensurate transfer of credit risk to third parties, competent authorities may decide on a case-by-case basis that significant credit risk shall not be considered as transferred to third parties.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">By way of derogation from paragraph 2, competent authorities may allow originator institutions to recognise significant credit risk transfer in relation to a securitisation where the originator institution demonstrates in each case that the reduction in own funds requirements which the originator achieves by the securitisation is justified by a commensurate transfer of credit risk to third parties. Permission may only be granted where the institution meets both of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has adequate internal risk-management policies and methodologies to assess the transfer of risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has also recognised the transfer of credit risk to third parties in each case for the purposes of the institution’s internal risk management and its internal capital allocation.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">In addition to the requirements set out in paragraphs 1, 2 and 3, all of the following conditions shall be met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the transaction documentation reflects the economic substance of the securitisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the credit protection by virtue of which credit risk is transferred complies with Article 249;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the securitisation documentation does not contain terms or conditions that:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">impose significant materiality thresholds below which credit protection is deemed not to be triggered if a credit event occurs;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">allow for the termination of the protection due to deterioration of the credit quality of the underlying exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">require the originator institution to alter the composition of the underlying exposures to improve the average quality of the pool; or</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">increase the institution’s cost of credit protection or the yield payable to holders of positions in the securitisation in response to a deterioration in the credit quality of the underlying pool;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the credit protection is enforceable in all relevant jurisdictions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where applicable, the transaction documentation makes it clear that the originator or the sponsor may only purchase or repurchase securitisation positions or repurchase, restructure or substitute the underlying exposures beyond their contractual obligations where such arrangements are executed in accordance with prevailing market conditions and the parties to them act in their own interest as free and independent parties (arm’s length);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where there is a clean-up call option, that option meets all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it may be exercised at the discretion of the originator institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it may only be exercised when 10 % or less of the original value of the underlying exposures remains unamortised;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it is not structured to avoid allocating losses to credit enhancement positions or other positions held by investors in the securitisation and is not otherwise structured to provide credit enhancement;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the originator institution has received an opinion from a qualified legal counsel confirming that the securitisation complies with the conditions set out in point (d) of this paragraph;</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The competent authorities shall inform the EBA of the cases where they have decided that the possible reduction in risk-weighted exposure amounts was not justified by a commensurate transfer of credit risk to third parties in accordance with paragraph 2, and the cases where institutions have chosen to apply paragraph 3.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">The EBA shall monitor the range of supervisory practices in relation to the recognition of significant risk transfer in synthetic securitisations in accordance with this Article. In particular, the EBA shall review:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions for the transfer of significant credit risk to third parties in accordance with paragraphs 2, 3 and 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the interpretation of ‘commensurate transfer of credit risk to third parties’ for the purposes of the competent authorities’ assessment provided for in the second subparagraph of paragraph 2 and in paragraph 3; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the requirements for the competent authorities’ assessment of securitisation transactions in relation to which the originator seeks recognition of significant credit risk transfer to third parties in accordance with paragraph 2 or 3.</p>
</div>
</div>
</div>
</div>
<p class="norm">The EBA shall report its findings to the Commission by 2 January 2021. The Commission may, having taken into account the report from the EBA, adopt a delegated act in accordance with Article 462, to supplement this Regulation by further specifying the items listed in points (a), (b) and (c) of this paragraph.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 246 -
<p class="norm">Where the securitisation includes revolving exposures and early amortisation provisions or similar provisions, significant credit risk shall only be considered transferred by the originator institution where the requirements laid down in Articles 244 and 245 are met and the early amortisation provision, once triggered, does not:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">subordinate the institution’s senior or <span class="italics">pari passu</span> claim on the underlying exposures to the other investors’ claims;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">subordinate further the institution’s claim on the underlying exposures relative to other parties’ claims; or</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">otherwise increase the institution’s exposure to losses associated with the underlying revolving exposures.</p>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 3 -
Calculation of risk-weighted exposure amountsSub-Section 1 -
General ProvisionsArticle 247 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where an originator institution has transferred significant credit risk associated with the underlying exposures of the securitisation in accordance with Section 2, that institution may:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in the case of a traditional securitisation, exclude the underlying exposures from its calculation of risk-weighted exposure amounts, and, as relevant, expected loss amounts;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in the case of a synthetic securitisation, calculate risk-weighted exposure amounts, and, where relevant, expected loss amounts, with respect to the underlying exposures in accordance with Articles 251 and 252.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where the originator institution has decided to apply paragraph 1, it shall calculate the risk-weighted exposure amounts as set out in this Chapter for the positions that it may hold in the securitisation.</div>
</div>
<p class="norm">Where the originator institution has not transferred significant credit risk or has decided not to apply paragraph 1, it shall not be required to calculate risk-weighted exposure amounts for any position it may have in the securitisation but shall continue including the underlying exposures in its calculation of risk-weighted exposure amounts and, where relevant, expected loss amounts as if they had not been securitised.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where there is an exposure to positions in different tranches in a securitisation, the exposure to each tranche shall be considered a separate securitisation position. The providers of credit protection to securitisation positions shall be considered as holding positions in the securitisation. Securitisation positions shall include exposures to a securitisation arising from interest rate or currency derivative contracts that the institution has entered into with the transaction.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Unless a securitisation position is deducted from Common Equity Tier 1 items pursuant to point (k) of Article 36(1), the risk-weighted exposure amount shall be included in the institution’s total of risk-weighted exposure amounts for the purposes of Article 92(3).</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The risk-weighted exposure amount of a securitisation position shall be calculated by multiplying the exposure value of the position, calculated as set out in Article 248, by the relevant total risk weight.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">The total risk weight shall be determined as the sum of the risk weight set out in this Chapter and any additional risk weight in accordance with Article 270a.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 248 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The exposure value of a securitisation position shall be calculated as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure value of an on-balance sheet securitisation position shall be its accounting value remaining after any relevant specific credit risk adjustments on the securitisation position have been applied in accordance with Article 110;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure value of an off-balance sheet securitisation position shall be its nominal value less any relevant specific credit risk adjustments on the securitisation position in accordance with Article 110, multiplied by the relevant conversion factor as set out in this point. The conversion factor shall be 100 %, except in the case of cash advance facilities. To determine the exposure value of the undrawn portion of the cash advance facilities, a conversion factor of 0 % may be applied to the nominal amount of a liquidity facility that is unconditionally cancellable provided that repayment of draws on the facility are senior to any other claims on the cash flows arising from the underlying exposures and the institution has demonstrated to the satisfaction of the competent authority that it is applying an appropriately conservative method for measuring the amount of the undrawn portion;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure value for the counterparty credit risk of a securitisation position that results from a derivative instrument listed in Annex II, shall be determined in accordance with Chapter 6;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an originator institution may deduct from the exposure value of a securitisation position which is assigned 1 250 % risk weight in accordance with Subsection 3 or deducted from Common Equity Tier 1 in accordance with point (k) of Article 36(1), the amount of the specific credit risk adjustments on the underlying exposures in accordance with Article 110, and any non-refundable purchase price discounts connected with such underlying exposures to the extent that such discounts have caused the reduction of own funds;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure value of a synthetic excess spread shall include, as applicable, the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any income from the securitised exposures already recognised by the originator institution in its income statement under the applicable accounting framework that the originator institution has contractually designated to the transaction as synthetic excess spread and that is still available to absorb losses;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any synthetic excess spread that is contractually designated by the originator institution in any previous periods and that is still available to absorb losses;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any synthetic excess spread that is contractually designated by the originator institution for the current period and that is still available to absorb losses;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any synthetic excess spread contractually designated by the originator institution for future periods.</p>
</div>
</div>
<p class="list">For the purposes of this point, any amount that is provided as collateral or credit enhancement in relation to the synthetic securitisation and that is already subject to an own funds requirement in accordance with this Chapter shall not be included in the exposure value.</p>
</div>
</div>
</div>
</div>
<p class="norm">The EBA shall develop draft regulatory technical standards to specify what constitutes an appropriately conservative method for measuring the amount of the undrawn portion referred to in point (b) of the first subparagraph.</p>
<p class="norm">The EBA shall submit those draft regulatory technical standards to the Commission by 18 January 2019.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the third subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where an institution has two or more overlapping positions in a securitisation, it shall include only one of the positions in its calculation of risk-weighted exposure amounts.</div>
</div>
<p class="norm">Where the positions partially overlap, the institution may split the position into two parts and recognise the overlap in relation to one part only in accordance with the first subparagraph. Alternatively, the institution may treat the positions as if they were fully overlapping by expanding for capital calculation purposes the position that produces the higher risk-weighted exposure amounts.</p>
<p class="norm">The institution may also recognise an overlap between the specific risk own funds requirements for positions in the trading book and the own funds requirements for securitisation positions in the non-trading book, provided that the institution is able to calculate and compare the own funds requirements for the relevant positions.</p>
<p class="norm">For the purposes of this paragraph, two positions shall be deemed to be overlapping where they are mutually offsetting in such a manner that the institution is able to preclude the losses arising from one position by performing the obligations required under the other position.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where point (d) of Article 270c applies to positions in an ABCP, the institution may use the risk weight assigned to a liquidity facility in order to calculate the risk-weighted exposure amount for the ABCP, provided that the liquidity facility covers 100 % of the ABCP issued by the ABCP programme and the liquidity facility ranks <span class="italics">pari passu</span> with the ABCP in a manner that they form an overlapping position. The institution shall notify the competent authorities where it has applied the provisions laid down in this paragraph. For the purposes of determining the 100 % coverage set out in this paragraph, the institution may take into account other liquidity facilities in the ABCP programme, provided that they form an overlapping position with the ABCP.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify how originator institutions are to determine the exposure value referred to in point (e) of paragraph 1, taking into account the relevant losses expected to be covered by the synthetic excess spread.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 10 October 2021.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 249 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An institution may recognise funded or unfunded credit protection with respect to a securitisation position where the requirements for credit risk mitigation laid down in this Chapter and in Chapter 4 are met.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Eligible funded credit protection shall be limited to financial collateral which is eligible for the calculation of risk-weighted exposure amounts under Chapter 2 as laid down under Chapter 4 and recognition of credit risk mitigation shall be subject to compliance with the relevant requirements as laid down under Chapter 4.</div>
</div>
<p class="norm">Eligible unfunded credit protection and unfunded credit protection providers shall be limited to those which are eligible in accordance with Chapter 4 and recognition of credit risk mitigation shall be subject to compliance with the relevant requirements as laid down under Chapter 4.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">By way of derogation from paragraph 2 of this Article, the eligible providers of unfunded credit protection listed in point (g) of Article 201(1), shall have been assigned a credit assessment by a recognised ECAI which was credit quality step 2 or above at the time the credit protection was first recognised and is currently credit quality step 3 or above.</div>
</div>
<p class="norm">Institutions which are allowed to apply the IRB Approach to a direct exposure to the protection provider may assess eligibility in accordance with the first subparagraph based on the equivalence of the PD for the protection provider to the PD associated with the credit quality steps referred to in Article 136.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">By way of derogation from paragraph 2, SSPEs shall be eligible protection providers where all of the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the SSPE owns assets that qualify as eligible financial collateral in accordance with Chapter 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the assets referred to in point (a) are not subject to claims or contingent claims ranking ahead or <span class="italics">pari passu</span> with the claim or contingent claim of the institution receiving unfunded credit protection; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all the requirements for the recognition of financial collateral set out in Chapter 4 are met.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">For the purposes of paragraph 4, the amount of the protection adjusted for any currency and maturity mismatches (Ga) in accordance with Chapter 4 shall be limited to the volatility adjusted market value of those assets and the risk weight of exposures to the protection provider as specified under the Standardised Approach (g) shall be determined as the weighted-average risk weight that would apply to those assets as financial collateral under the Standardised Approach.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where a securitisation position benefits from full credit protection or a partial credit protection on a pro-rata basis, the following requirements shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution providing credit protection shall calculate risk-weighted exposure amounts for the portion of the securitisation position benefiting from credit protection in accordance with Subsection 3 as if it held that portion of the position directly;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution buying credit protection shall calculate risk-weighted exposure amounts in accordance with Chapter 4 for the protected portion.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">In all cases not covered by paragraph 6, the following requirements shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution providing credit protection shall treat the portion of the position benefiting from credit protection as a securitisation position and shall calculate risk-weighted exposure amounts as if it held that position directly in accordance with Subsection 3, subject to paragraphs 8, 9 and 10;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution buying credit protection shall calculate risk-weighted exposure amounts for the protected portion of the position referred to in point (a) in accordance with Chapter 4. The institution shall treat the portion of the securitisation position not benefiting from credit protection as a separate securitisation position and shall calculate risk-weighted exposure amounts in accordance with Subsection 3, subject to paragraphs 8, 9 and 10.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">Institutions using the Securitisation Internal Ratings Based Approach (SEC-IRBA) or the Securitisation Standardised Approach (SEC-SA) under Subsection 3 shall determine the attachment point (A) and detachment point (D) separately for each of the positions derived in accordance with paragraph 7 as if these had been issued as separate securitisation positions at the time of origination of the transaction. The value of K<span class="subscript">IRB</span> or K<span class="subscript">SA</span>, respectively, shall be calculated taking into account the original pool of exposures underlying the securitisation.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions using the Securitisation External Ratings Based Approach (SEC-ERBA) under Subsection 3 for the original securitisation position shall calculate risk-weighted exposure amounts for the positions derived in accordance with paragraph 7 as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the derived position has the higher seniority, it shall be assigned the risk weight of the original securitisation position;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the derived position has the lower seniority, it may be assigned an inferred rating in accordance with Article 263(7). In that case, thickness input T shall only be computed on the basis of the derived position. Where a rating may not be inferred, the institution shall apply the higher of the risk weight resulting from either:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">applying the SEC-SA in accordance with paragraph 8 and Subsection 3; or</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk weight of the original securitisation position under the SEC-ERBA.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">10. </span>
<div class="norm inline-element">The derived position with the lower seniority shall be treated as a non-senior securitisation position even if the original securitisation position prior to protection qualifies as senior.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 250 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">A sponsor institution, or an originator institution which in respect of a securitisation has made use of Article 247(1) and (2) in the calculation of risk-weighted exposure amounts or has sold instruments from its trading book to the effect that it is no longer required to hold own funds for the risks of those instruments shall not provide support, directly or indirectly, to the securitisation beyond its contractual obligations with a view to reducing potential or actual losses to investors.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">A transaction shall not be considered as support for the purposes of paragraph 1 where the transaction has been duly taken into account in the assessment of significant credit risk transfer and both parties have executed the transaction acting in their own interest as free and independent parties (arm’s length). For these purposes, the institution shall undertake a full credit review of the transaction and, at a minimum, take into account all of the following items:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the repurchase price;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution’s capital and liquidity position before and after repurchase;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the performance of the underlying exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the performance of the securitisation positions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the impact of support on the losses expected to be incurred by the originator relative to investors.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The originator institution and the sponsor institution shall notify the competent authority of any transaction entered into in relation to the securitisation in accordance with paragraph 2.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The EBA shall, in accordance with Article 16 of Regulation (EU) No 1093/2010, issue guidelines on what constitutes ‘arm’s length’ for the purposes of this Article and the circumstances under which a transaction is not structured to provide support.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">If an originator institution or a sponsor institution fails to comply with paragraph 1 in respect of a securitisation, the institution shall include all of the underlying exposures of that securitisation in its calculation of risk-weighted exposure amounts as if they had not been securitised and disclose:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">that it has provided support to the securitisation in breach of paragraph 1; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the impact of the support provided in terms of own funds requirements.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 251 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For the purpose of calculating risk-weighted exposure amounts for the underlying exposures, the originator institution of a synthetic securitisation shall use the calculation methodologies set out in this Section where applicable instead of those set out in Chapter 2. For institutions calculating risk-weighted exposure amounts and, where relevant, expected loss amounts with respect to the underlying exposures under Chapter 3, the expected loss amount in respect of such exposures shall be zero.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The requirements set out in paragraph 1 of this Article shall apply to the entire pool of exposures backing the securitisation. Subject to Article 252, the originator institution shall calculate risk-weighted exposure amounts with respect to all tranches in the securitisation in accordance with this Section, including the positions in relation to which the institution is able to recognise credit risk mitigation in accordance with Article 249. The risk weight to be applied to positions which benefit from credit risk mitigation may be amended in accordance with Chapter 4.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 252 -
<p class="norm">For the purposes of calculating risk-weighted exposure amounts in accordance with Article 251, any maturity mismatch between the credit protection by which the transfer of risk is achieved and the underlying exposures shall be calculated as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the maturity of the underlying exposures shall be taken to be the longest maturity of any of those exposures subject to a maximum of 5 years. The maturity of the credit protection shall be determined in accordance with Chapter 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an originator institution shall ignore any maturity mismatch in calculating risk-weighted exposure amounts for securitisation positions subject to a risk weight of 1 250 % in accordance with this Section. For all other positions, the maturity mismatch treatment set out in Chapter 4 shall be applied in accordance with the following formula:</p>
<p class="container-center">
<img 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" width="719" height="53" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RW*</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">risk-weighted exposure amounts for the purposes of point (a) of Article 92(3);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RW<span class="subscript">Ass</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">risk-weighted exposure amounts for the underlying exposures as if they had not been securitised, calculated on a pro-rata basis;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RW<span class="subscript">SP</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">risk-weighted exposure amounts calculated under Article 251 as if there was no maturity mismatch;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">T</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">maturity of the underlying exposures, expressed in years;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">t</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">maturity of credit protection, expressed in years;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">t*</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">0,25</p>
</td>
</tr></table></div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 253 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Where a securitisation position is assigned a 1 250 % risk weight under this Section, institutions may deduct the exposure value of such position from Common Equity Tier 1 capital in accordance with point (k) of Article 36(1) as an alternative to including the position in their calculation of risk-weighted exposure amounts. For that purpose, the calculation of the exposure value may reflect eligible funded credit protection in accordance with Article 249.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where an institution makes use of the alternative set out in paragraph 1, it may subtract the amount deducted in accordance with point (k) of Article 36(1) from the amount specified in Article 268 as maximum capital requirement that would be calculated in respect of the underlying exposures as if they had not been securitised.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 2 -
Hierarchy of methods and common parametersArticle 254 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall use one of the methods set out in Subsection 3 to calculate risk-weighted exposure amounts in accordance with the following hierarchy:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the conditions set out in Article 258 are met, an institution shall use the SEC-IRBA in accordance with Articles 259 and 260;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the SEC-IRBA may not be used, an institution shall use the SEC-SA in accordance with Articles 261 and 262;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the SEC-SA may not be used, an institution shall use the SEC-ERBA in accordance with Articles 263 and 264 for rated positions or positions in respect of which an inferred rating may be used.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For rated positions or positions in respect of which an inferred rating may be used, an institution shall use the SEC-ERBA instead of the SEC-SA in each of the following cases:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the application of the SEC-SA would result in a risk weight higher than 25 % for positions qualifying as positions in an STS securitisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the application of the SEC-SA would result in a risk weight higher than 25 % or the application of the SEC-ERBA would result in a risk weight higher than 75 % for positions not qualifying as positions in an STS securitisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for securitisation transactions backed by pools of auto loans, auto leases and equipment leases.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">In cases not covered by paragraph 2, and by way of derogation from point (b) of paragraph 1, an institution may decide to apply the SEC-ERBA instead of the SEC-SA to all of its rated securitisation positions or positions in respect of which an inferred rating may be used.</div>
</div>
<p class="norm">For the purposes of the first subparagraph, an institution shall notify its decision to the competent authority no later than 17 November 2018.</p>
<p class="norm">Any subsequent decision to further change the approach applied to all of its rated securitisation positions shall be notified by the institution to its competent authority before the 15th November immediately following that decision.</p>
<p class="norm">In the absence of any objection by the competent authority by 15 December immediately following the deadline referred to in the second or third subparagraph, as appropriate, the decision notified by the institution shall take effect from 1 January of the following year and shall be valid until a subsequently notified decision comes into effect. An institution shall not use different approaches in the course of the same year.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">By way of derogation from paragraph 1, competent authorities may prohibit institutions, on a case by case basis, from applying the SEC-SA when the risk-weighted exposure amount resulting from the application of the SEC-SA is not commensurate to the risks posed to the institution or to financial stability, including but not limited to the credit risk embedded in the exposures underlying the securitisation. In the case of exposures not qualifying as positions in an STS securitisation, particular regard shall be had to securitisations with highly complex and risky features.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Without prejudice to paragraph 1 of this Article, an institution may apply the Internal Assessment Approach to calculate risk-weighted exposure amounts in relation to an unrated position in an ABCP programme or ABCP transaction in accordance with Article 266, provided that the conditions set out in Article 265 are met. Where an institution has received permission to apply the Internal Assessment Approach in accordance with Article 265(2), and a specific position in an ABCP programme or ABCP transaction falls within the scope of application covered by such permission, the institution shall apply that approach to calculate the risk-weighted exposure amount of that position.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">For a position in a re-securitisation, institutions shall apply the SEC-SA in accordance with Article 261, with the modifications set out in Article 269.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">In all other cases, a risk weight of 1 250 % shall be assigned to securitisation positions.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">The competent authorities shall inform the EBA of any notification made pursuant to paragraph 3 of this Article. The EBA shall monitor the impact of this Article on capital requirements and the range of supervisory practices in connection with paragraph 4 of this Article, and shall report annually to the Commission on its findings and issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 255 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Where an institution applies the SEC-IRBA under Subsection 3, the institution shall calculate K<span class="subscript">IRB</span> in accordance with paragraphs 2 to 5.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall determine K<span class="subscript">IRB</span> by multiplying the risk-weighted exposure amounts that would be calculated under Chapter 3 in respect of the underlying exposures as if they had not been securitised by 8 % divided by the exposure value of the underlying exposures. K<span class="subscript">IRB</span> shall be expressed in decimal form between zero and one.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For K<span class="subscript">IRB</span> calculation purposes, the risk-weighted exposure amounts that would be calculated under Chapter 3 in respect of the underlying exposures shall include:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of expected losses associated with all the underlying exposures of the securitisation including defaulted underlying exposures that are still part of the pool in accordance with Chapter 3; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the amount of unexpected losses associated with all the underlying exposures including defaulted underlying exposures in the pool in accordance with Chapter 3.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions may calculate K<span class="subscript">IRB</span> in relation to the underlying exposures of the securitisation in accordance with the provisions set out in Chapter 3 for the calculation of capital requirements for purchased receivables. For these purposes, retail exposures shall be treated as purchased retail receivables and non-retail exposures as purchased corporate receivables.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Institutions shall calculate K<span class="subscript">IRB</span> separately for dilution risk in relation to the underlying exposures of a securitisation where dilution risk is material to such exposures.</div>
</div>
<p class="norm">Where losses from dilution and credit risks are treated in an aggregate manner in the securitisation, institutions shall combine the respective K<span class="subscript">IRB</span> for dilution and credit risk into a single K<span class="subscript">IRB</span> for the purposes of Subsection 3. The presence of a single reserve fund or overcollateralisation available to cover losses from either credit or dilution risk may be regarded as an indication that these risks are treated in an aggregate manner.</p>
<p class="norm">Where dilution and credit risk are not treated in an aggregate manner in the securitisation, institutions shall modify the treatment set out in the second subparagraph to combine the respective K<span class="subscript">IRB</span> for dilution and credit risk in a prudent manner.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Where an institution applies the SEC-SA under Subsection 3, it shall calculate K<span class="subscript">SA</span> by multiplying the risk-weighted exposure amounts that would be calculated under Chapter 2 in respect of the underlying exposures as if they had not been securitised by 8 % divided by the value of the underlying exposures. K<span class="subscript">SA</span> shall be expressed in decimal form between zero and one.</div>
</div>
<p class="norm">For the purposes of this paragraph, institutions shall calculate the exposure value of the underlying exposures without netting any specific credit risk adjustments and additional value adjustments in accordance with Articles 34 and 110 and other own funds reductions.</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">For the purposes of paragraphs 1 to 6, where a securitisation structure involves the use of an SSPE, all the SSPE’s exposures related to the securitisation shall be treated as underlying exposures. Without prejudice to the preceding, the institution may exclude the SSPE’s exposures from the pool of underlying exposures for K<span class="subscript">IRB</span> or K<span class="subscript">SA</span> calculation purposes if the risk from the SSPE’s exposures is immaterial or if it does not affect the institution’s securitisation position.</div>
</div>
<p class="norm">In the case of funded synthetic securitisations, any material proceeds from the issuance of credit-linked notes or other funded obligations of the SSPE that serve as collateral for the repayment of the securitisation positions shall be included in the calculation of K<span class="subscript">IRB</span> or K<span class="subscript">SA</span> if the credit risk of the collateral is subject to the tranched loss allocation.</p>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">For the purposes of the third subparagraph of paragraph 5 of this Article, the EBA shall issue guidelines in accordance with Article 16 of Regulation (EU) No 1093/2010 on the appropriate methods to combine K<span class="subscript">IRB</span> for dilution and credit risk where these risks are not treated in an aggregate manner in a securitisation.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">
<p class="norm inline-element">The EBA shall develop draft regulatory technical standards to further specify the conditions to allow institutions to calculate K<span class="subscript">IRB</span> for the pools of underlying exposures in accordance with paragraph 4, in particular with regard to:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">internal credit policy and models for calculating K<span class="subscript">IRB</span> for securitisations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">use of different risk factors relating to the pool of underlying exposures and, where sufficient accurate or reliable data on that pool are not available, of proxy data to estimate PD and LGD; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">due diligence requirements to monitor the actions and policies of sellers of receivables or other originators.</p>
</div>
</div>
</div>
</div>
<p class="norm">The EBA shall submit those draft regulatory technical standards to the Commission by 18 January 2019.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the second subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 256 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For the purposes of Subsection 3, institutions shall set the attachment point (A) at the threshold at which losses within the pool of underlying exposures would start to be allocated to the relevant securitisation position.</div>
</div>
<p class="norm">The attachment point (A) shall be expressed as a decimal value between zero and one and shall be equal to the greater of zero and the ratio of the outstanding balance of the pool of underlying exposures in the securitisation minus the outstanding balance of all tranches that rank senior or <span class="italics">pari passu</span> to the tranche containing the relevant securitisation position including the exposure itself to the outstanding balance of all the underlying exposures in the securitisation.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of Subsection 3, institutions shall set the detachment point (D) at the threshold at which losses within the pool of underlying exposures would result in a complete loss of principal for the tranche containing the relevant securitisation position.</div>
</div>
<p class="norm">The detachment point (D) shall be expressed as a decimal value between zero and one and shall be equal to the greater of zero and the ratio of the outstanding balance of the pool of underlying exposures in the securitisation minus the outstanding balance of all tranches that rank senior to the tranche containing the relevant securitisation position to the outstanding balance of all the underlying exposures in the securitisation.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For the purposes of paragraphs 1 and 2, institutions shall treat overcollateralisation and funded reserve accounts as tranches and the assets comprising such reserve accounts as underlying exposures.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purposes of paragraphs 1 and 2, institutions shall disregard unfunded reserve accounts and assets that do not provide credit enhancement, such as those that only provide liquidity support, currency or interest rate swaps and cash collateral accounts related to those positions in the securitisation. For funded reserve accounts and assets providing credit enhancement, the institution shall only treat as securitisation positions the parts of those accounts or assets that are loss-absorbing.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Where two or more positions of the same transaction have different maturities but share pro rata loss allocation, the calculation of the attachment points (A) and the detachment points (D) shall be based on the aggregated outstanding balance of those positions and the resulting attachment points (A) and detachment points (D) shall be the same.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">For the purposes of calculating the attachment points (A) and detachment points (D) of a synthetic securitisation, the originator institution of the securitisation shall treat the exposure value of the securitisation position corresponding to synthetic excess spread referred to in point (e) of Article 248(1) as a tranche, and adjust the attachment points (A) and detachment points (D) of the other tranches it retains by adding that exposure value to the outstanding balance of the pool of underlying exposures in the securitisation. Institutions other than the originator institution shall not make this adjustment.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 257 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of Subsection 3 and subject to paragraph 2, institutions may measure the maturity of a tranche (M<span class="subscript">T</span>) as either:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the weighted average maturity of the contractual payments due under the tranche in accordance with the following formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="212" height="61" alt="image"></p>
<p class="list">where CF<span class="subscript">t</span> denotes all contractual payments (principal, interests and fees) payable by the borrower during period t; or</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the final legal maturity of the tranche in accordance with the following formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="294" height="35" alt="image"></p>
<p class="list">where M<span class="subscript">L</span> is the final legal maturity of the tranche.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of paragraph 1, the determination of a tranche maturity (M<span class="subscript">T</span>) shall be subject in all cases to a floor of 1 year and a cap of 5 years.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where an institution may become exposed to potential losses from the underlying exposures by virtue of contract, the institution shall determine the maturity of the securitisation position by taking into account the maturity of the contract plus the longest maturity of such underlying exposures. For revolving exposures, the longest contractually possible remaining maturity of the exposure that might be added during the revolving period shall apply.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The EBA shall monitor the range of practices in this area, with particular regard to the application of point (a) of paragraph 1 of this Article, and shall, in accordance with Article 16 of Regulation (EU) No 1093/2010, issue guidelines by 31 December 2019.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 3 -
Methods to calculate risk-weighted exposure amountsArticle 258 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall use the SEC-IRBA to calculate risk-weighted exposure amounts in relation to a securitisation position where the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the position is backed by an IRB pool or a mixed pool, provided that, in the latter case, the institution is able to calculate K<span class="subscript">IRB</span> in accordance with Section 3 on a minimum of 95 % of the underlying exposure amount;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is sufficient information available in relation to the underlying exposures of the securitisation for the institution to be able to calculate K<span class="subscript">IRB</span>; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has not been precluded from using the SEC-IRBA in relation to a specified securitisation position in accordance with paragraph 2.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Competent authorities may on a case-by-case basis preclude the use of the SEC-IRBA where securitisations have highly complex or risky features. For these purposes, the following may be regarded as highly complex or risky features:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">credit enhancement that can be eroded for reasons other than portfolio losses;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">pools of underlying exposures with a high degree of internal correlation as a result of concentrated exposures to single sectors or geographical areas;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">transactions where the repayment of the securitisation positions is highly dependent on risk drivers not reflected in K<span class="subscript">IRB</span>; or</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">highly complex loss allocations between tranches.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 259 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Under the SEC-IRBA, the risk-weighted exposure amount for a securitisation position shall be calculated by multiplying the exposure value of the position calculated in accordance with Article 248 by the applicable risk weight determined as follows, in all cases subject to a floor of 15 %:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="65%"><col width="35%"><tbody><tr><td valign="top">
<p class="tbl-norm">RW = 1 250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">when D ≤ K<span class="subscript">IRB</span>
</p>
</td>
</tr><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="78" height="19" alt="image"></p>
</td>
<td valign="top">
<p class="tbl-norm">when A ≥ K<span class="subscript">IRB</span>
</p>
</td>
</tr><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="204" height="34" alt="image"></p>
</td>
<td valign="top">
<p class="tbl-norm">when A < K<span class="subscript">IRB</span> < D</p>
</td>
</tr></tbody></table></div>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">K<span class="subscript">IRB</span>
</p>
</td>
<td valign="top">
<p class="dlist-definition">is the capital charge of the pool of underlying exposures as defined in Article 255</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">D</p>
</td>
<td valign="top">
<p class="dlist-definition">is the detachment point as determined in accordance with Article 256</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">A</p>
</td>
<td valign="top">
<p class="dlist-definition">is the attachment point as determined in accordance with Article 256</p>
</td>
</tr></table><p class="container-center">
<img src="data:image/jpg;base64,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" width="272" height="69" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">a</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">– (1/(p * K<span class="subscript">IRB</span>))</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">u</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">D – K<span class="subscript">IRB</span>
</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">l</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">max (A – K<span class="subscript">IRB</span>; 0)</p>
</td>
</tr></table><p class="norm inline-element">where:</p>
<p class="container-center">
<img 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" width="659" height="53" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">N</p>
</td>
<td valign="top">
<p class="dlist-definition">is the effective number of exposures in the pool of underlying exposures, calculated in accordance with paragraph 4;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">LGD</p>
</td>
<td valign="top">
<p class="dlist-definition">is the exposure-weighted average loss-given-default of the pool of underlying exposures, calculated in accordance with paragraph 5;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">M<span class="subscript">T</span>
</p>
</td>
<td valign="top">
<p class="dlist-definition">is the maturity of the tranche as determined in accordance with Article 257.</p>
</td>
</tr></table><p class="norm inline-element">The parameters A, B, C, D, and E shall be determined according to the following look-up table:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="23%"><col width="23%"><col width="9%"><col width="9%"><col width="16%"><col width="9%"><col width="9%"><tbody><tr><td colspan="2" style="font-weight: bold" valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">A</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">B</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">C</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">D</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">E</p>
</td>
</tr><tr><td rowspan="4" valign="top" style="font-weight: bold">
<p class="tbl-norm">Non-retail</p>
</td>
<td valign="top">
<p class="tbl-norm">Senior, granular (N ≥ 25)</p>
</td>
<td valign="top">
<p class="tbl-norm">0 </p>
</td>
<td valign="top">
<p class="tbl-norm">3,56 </p>
</td>
<td valign="top">
<p class="tbl-norm">-1,85 </p>
</td>
<td valign="top">
<p class="tbl-norm">0,55 </p>
</td>
<td valign="top">
<p class="tbl-norm">0,07 </p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Senior, non-granular (N < 25)</p>
</td>
<td valign="top">
<p class="tbl-norm">0,11 </p>
</td>
<td valign="top">
<p class="tbl-norm">2,61 </p>
</td>
<td valign="top">
<p class="tbl-norm">-2,91 </p>
</td>
<td valign="top">
<p class="tbl-norm">0,68 </p>
</td>
<td valign="top">
<p class="tbl-norm">0,07 </p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Non-senior, granular (N ≥ 25)</p>
</td>
<td valign="top">
<p class="tbl-norm">0,16 </p>
</td>
<td valign="top">
<p class="tbl-norm">2,87 </p>
</td>
<td valign="top">
<p class="tbl-norm">-1,03 </p>
</td>
<td valign="top">
<p class="tbl-norm">0,21 </p>
</td>
<td valign="top">
<p class="tbl-norm">0,07 </p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Non-senior, non-granular (N < 25)</p>
</td>
<td valign="top">
<p class="tbl-norm">0,22 </p>
</td>
<td valign="top">
<p class="tbl-norm">2,35 </p>
</td>
<td valign="top">
<p class="tbl-norm">-2,46 </p>
</td>
<td valign="top">
<p class="tbl-norm">0,48 </p>
</td>
<td valign="top">
<p class="tbl-norm">0,07 </p>
</td>
</tr><tr><td rowspan="2" valign="top" style="font-weight: bold">
<p class="tbl-norm">Retail</p>
</td>
<td valign="top">
<p class="tbl-norm">Senior</p>
</td>
<td valign="top">
<p class="tbl-norm">0 </p>
</td>
<td valign="top">
<p class="tbl-norm">0 </p>
</td>
<td valign="top">
<p class="tbl-norm">-7,48 </p>
</td>
<td valign="top">
<p class="tbl-norm">0,71 </p>
</td>
<td valign="top">
<p class="tbl-norm">0,24 </p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Non-senior</p>
</td>
<td valign="top">
<p class="tbl-norm">0 </p>
</td>
<td valign="top">
<p class="tbl-norm">0 </p>
</td>
<td valign="top">
<p class="tbl-norm">-5,78 </p>
</td>
<td valign="top">
<p class="tbl-norm">0,55 </p>
</td>
<td valign="top">
<p class="tbl-norm">0,27 </p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">If the underlying IRB pool comprises both retail and non-retail exposures, the pool shall be divided into one retail and one non-retail subpool and, for each subpool, a separate p-parameter (and the corresponding input parameters N, K<span class="subscript">IRB</span> and LGD) shall be estimated. Subsequently, a weighted average p-parameter for the transaction shall be calculated on the basis of the p-parameters of each subpool and the nominal size of the exposures in each subpool.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where an institution applies the SEC-IRBA to a mixed pool, the calculation of the p-parameter shall be based on the underlying exposures subject to the IRB Approach only. The underlying exposures subject to the Standardised Approach shall be ignored for these purposes.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">The effective number of exposures (N) shall be calculated as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="187" height="75" alt="image"></p>
<p class="norm inline-element">where EAD<span class="subscript">i</span> represents the exposure value associated with the ith exposure in the pool.</p>
</div>
</div>
<p class="norm">Multiple exposures to the same obligor shall be consolidated and treated as a single exposure.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">The exposure-weighted average LGD shall be calculated as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="257" height="68" alt="image"></p>
<p class="norm inline-element">where LGD<span class="subscript">i</span> represents the average LGD associated with all exposures to the ith obligor.</p>
</div>
</div>
<p class="norm">Where credit and dilution risks for purchased receivables are managed in an aggregate manner in a securitisation, the LGD input shall be construed as a weighted average of the LGD for credit risk and 100 % LGD for dilution risk. The weights shall be the stand-alone IRB Approach capital requirements for credit risk and dilution risk, respectively. For these purposes, the presence of a single reserve fund or overcollateralisation available to cover losses from either credit or dilution risk may be regarded as an indication that these risks are managed in an aggregate manner.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where the share of the largest underlying exposure in the pool (C<span class="subscript">1</span>) is no more than 3 %, institutions may use the following simplified method to calculate N and the exposure-weighted average LGDs:</p>
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<img 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" width="541" height="73" alt="image"></p>
<p class="norm inline-element">LGD = 0,50</p>
<p class="norm inline-element">where</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">C<span class="subscript">m</span>
</p>
</td>
<td valign="top">
<p class="dlist-definition">denotes the share of the pool corresponding to the sum of the largest m exposures; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">m</p>
</td>
<td valign="top">
<p class="dlist-definition">is set by the institution.</p>
</td>
</tr></table></div>
</div>
<p class="norm">If only C<span class="subscript">1</span> is available and this amount is no more than 0,03, then the institution may set LGD as 0,50 and N as 1/C<span class="subscript">1</span>.</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where the position is backed by a mixed pool and the institution is able to calculate K<span class="subscript">IRB</span> on at least 95 % of the underlying exposure amounts in accordance with point (a) of Article 258(1), the institution shall calculate the capital charge for the pool of underlying exposures as:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="248" height="35" alt="image"></p>
<p class="norm inline-element">where</p>
<p class="norm inline-element">d is the share of the exposure amount of underlying exposures for which the institution can calculate K<span class="subscript">IRB</span> over the exposure amount of all underlying exposures.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">Where an institution has a securitisation position in the form of a derivative to hedge market risks, including interest rate or currency risks, the institution may attribute to that derivative an inferred risk weight equivalent to the risk weight of the reference position calculated in accordance with this Article.</div>
</div>
<p class="norm">For the purposes of the first subparagraph, the reference position shall be the position that is <span class="italics">pari passu</span> in all respects to the derivative or, in the absence of such <span class="italics">pari passu</span> position, the position that is immediately subordinate to the derivative.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 260 -
<p class="norm">Under the SEC-IRBA, the risk weight for a position in an STS securitisation shall be calculated in accordance with Article 259, subject to the following modifications:</p>
<p class="norm">risk-weight floor for senior securitisation positions = 10 %</p>
<p class="container-center">
<img 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" width="665" height="35" alt="image"></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 261 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Under the SEC-SA, the risk-weighted exposure amount for a position in a securitisation shall be calculated by multiplying the exposure value of the position as calculated in accordance with Article 248 by the applicable risk weight determined as follows, in all cases subject to a floor of 15 %:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="67%"><col width="33%"><tbody><tr><td valign="top">
<p class="tbl-norm">RW = 1 250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">when D ≤ K<span class="subscript">A</span>
</p>
</td>
</tr><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="73" height="19" alt="image"></p>
</td>
<td valign="top">
<p class="tbl-norm">when A ≥ K<span class="subscript">A</span>
</p>
</td>
</tr><tr><td valign="top">
<p class="container-center">
<img 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" width="188" height="34" alt="image"></p>
</td>
<td valign="top">
<p class="tbl-norm">when A < K<span class="subscript">A</span> < D</p>
</td>
</tr></tbody></table></div>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">D</p>
</td>
<td valign="top">
<p class="dlist-definition">is the detachment point as determined in accordance with Article 256;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">A</p>
</td>
<td valign="top">
<p class="dlist-definition">is the attachment point as determined in accordance with Article 256;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">K<span class="subscript">A</span>
</p>
</td>
<td valign="top">
<p class="dlist-definition">is a parameter calculated in accordance with paragraph 2;</p>
</td>
</tr></table><p class="container-center">
<img src="data:image/jpg;base64,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" width="255" height="69" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">a</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">– (1/(p · K<span class="subscript">A</span>))</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">u</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">D – K<span class="subscript">A</span>
</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">l</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">max (A – K<span class="subscript">A</span>; 0)</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">p</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">1 for a securitisation exposure that is not a re-securitisation exposure</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of paragraph 1, K<span class="subscript">A</span> shall be calculated as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="310" height="35" alt="image"></p>
<p class="norm inline-element">where:</p>
<p class="norm inline-element">K<span class="subscript">SA</span> is the capital charge of the underlying pool as defined in Article 255;</p>
<p class="norm inline-element">W = ratio of:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sum of the nominal amount of underlying exposures in default, to</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sum of the nominal amount of all underlying exposures.</p>
</div>
</div>
</div>
</div>
<p class="norm">For these purposes, an exposure in default shall mean an underlying exposure which is either: (i) 90 days or more past due; (ii) subject to bankruptcy or insolvency proceedings; (iii) subject to foreclosure or similar proceeding; or (iv) in default in accordance with the securitisation documentation.</p>
<p class="norm inline-element">Where an institution does not know the delinquency status for 5 % or less of underlying exposures in the pool, the institution may use the SEC-SA subject to the following adjustment in the calculation K<span class="subscript">A</span>:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="945" height="68" alt="image"></p>
<p class="norm">Where the institution does not know the delinquency status for more than 5 % of underlying exposures in the pool, the position in the securitisation must be risk-weighted at 1 250 %.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where an institution has a securitisation position in the form of a derivative to hedge market risks, including interest rate or currency risks, the institution may attribute to that derivative an inferred risk weight equivalent to the risk weight of the reference position calculated in accordance with this Article.</div>
</div>
<p class="norm">For the purposes of this paragraph, the reference position shall be the position that is <span class="italics">pari passu</span> in all respects to the derivative or, in the absence of such <span class="italics">pari passu</span> position, the position that is immediately subordinate to the derivative.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 262 -
<p class="norm">Under the SEC-SA the risk weight for a position in an STS securitisation shall be calculated in accordance with Article 261, subject to the following modifications:</p>
<div class="list">risk-weight floor for senior securitisation positions = 10 %</div>
<div class="list">p = 0,5</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 263 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Under the SEC-ERBA, the risk-weighted exposure amount for a securitisation position shall be calculated by multiplying the exposure value of the position as calculated in accordance with Article 248 by the applicable risk weight in accordance with this Article.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For exposures with short-term credit assessments or when a rating based on a short-term credit assessment may be inferred in accordance with paragraph 7, the following risk weights shall apply:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-0cf383d4-2cb7-4623-bcff-547a4d75aa13">
<span class="italics">Table 1</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="37%"><col width="10%"><col width="10%"><col width="12%"><col width="33%"><tbody><tr><td valign="top">
<p class="tbl-norm">Credit Quality Step</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">All other ratings</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For exposures with long-term credit assessments or when a rating based on a long-term credit assessment may be inferred in accordance with paragraph 7 of this Article, the risk weights set out in Table 2 shall apply, adjusted as applicable for tranche maturity (M<span class="subscript">T</span>) in accordance with Article 257 and paragraph 4 of this Article and for tranche thickness for non-senior tranches in accordance with paragraph 5 of this Article:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-be98c0d7-c3d4-48bd-928c-f21d20fdb91f">
<span class="italics">Table 2</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="35%"><col width="16%"><col width="16%"><col width="16%"><col width="16%"><tbody><tr><td rowspan="3" valign="top" style="font-weight: bold">
<p class="tbl-norm">Credit Quality Step</p>
</td>
<td colspan="2" style="font-weight: bold" valign="top">
<p class="tbl-norm">Senior tranche</p>
</td>
<td colspan="2" style="font-weight: bold" valign="top">
<p class="tbl-norm">Non-senior (thin) tranche</p>
</td>
</tr><tr><td colspan="2" style="font-weight: bold" valign="top">
<p class="tbl-norm">Tranche maturity (M<span class="subscript">T</span>)</p>
</td>
<td colspan="2" style="font-weight: bold" valign="top">
<p class="tbl-norm">Tranche maturity (M<span class="subscript">T</span>)</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">1 year</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5 years</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">1 year</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5 years</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">70 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">30 %</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">90 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">25 %</p>
</td>
<td valign="top">
<p class="tbl-norm">40 %</p>
</td>
<td valign="top">
<p class="tbl-norm">30 %</p>
</td>
<td valign="top">
<p class="tbl-norm">120 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">30 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
<td valign="top">
<p class="tbl-norm">40 %</p>
</td>
<td valign="top">
<p class="tbl-norm">140 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">40 %</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">60 %</p>
</td>
<td valign="top">
<p class="tbl-norm">160 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">65 %</p>
</td>
<td valign="top">
<p class="tbl-norm">80 %</p>
</td>
<td valign="top">
<p class="tbl-norm">180 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">7</p>
</td>
<td valign="top">
<p class="tbl-norm">60 %</p>
</td>
<td valign="top">
<p class="tbl-norm">70 %</p>
</td>
<td valign="top">
<p class="tbl-norm">120 %</p>
</td>
<td valign="top">
<p class="tbl-norm">210 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">75 %</p>
</td>
<td valign="top">
<p class="tbl-norm">90 %</p>
</td>
<td valign="top">
<p class="tbl-norm">170 %</p>
</td>
<td valign="top">
<p class="tbl-norm">260 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">9</p>
</td>
<td valign="top">
<p class="tbl-norm">90 %</p>
</td>
<td valign="top">
<p class="tbl-norm">105 %</p>
</td>
<td valign="top">
<p class="tbl-norm">220 %</p>
</td>
<td valign="top">
<p class="tbl-norm">310 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">10</p>
</td>
<td valign="top">
<p class="tbl-norm">120 %</p>
</td>
<td valign="top">
<p class="tbl-norm">140 %</p>
</td>
<td valign="top">
<p class="tbl-norm">330 %</p>
</td>
<td valign="top">
<p class="tbl-norm">420 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">11</p>
</td>
<td valign="top">
<p class="tbl-norm">140 %</p>
</td>
<td valign="top">
<p class="tbl-norm">160 %</p>
</td>
<td valign="top">
<p class="tbl-norm">470 %</p>
</td>
<td valign="top">
<p class="tbl-norm">580 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">12</p>
</td>
<td valign="top">
<p class="tbl-norm">160 %</p>
</td>
<td valign="top">
<p class="tbl-norm">180 %</p>
</td>
<td valign="top">
<p class="tbl-norm">620 %</p>
</td>
<td valign="top">
<p class="tbl-norm">760 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">13</p>
</td>
<td valign="top">
<p class="tbl-norm">200 %</p>
</td>
<td valign="top">
<p class="tbl-norm">225 %</p>
</td>
<td valign="top">
<p class="tbl-norm">750 %</p>
</td>
<td valign="top">
<p class="tbl-norm">860 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">14</p>
</td>
<td valign="top">
<p class="tbl-norm">250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">280 %</p>
</td>
<td valign="top">
<p class="tbl-norm">900 %</p>
</td>
<td valign="top">
<p class="tbl-norm">950 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">15</p>
</td>
<td valign="top">
<p class="tbl-norm">310 %</p>
</td>
<td valign="top">
<p class="tbl-norm">340 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 050 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 050 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">16</p>
</td>
<td valign="top">
<p class="tbl-norm">380 %</p>
</td>
<td valign="top">
<p class="tbl-norm">420 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 130 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 130 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">17</p>
</td>
<td valign="top">
<p class="tbl-norm">460 %</p>
</td>
<td valign="top">
<p class="tbl-norm">505 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">All other</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">In order to determine the risk weight for tranches with a maturity between 1 and 5 years, institutions shall use linear interpolation between the risk weights applicable for 1 and 5 years maturity respectively in accordance with Table 2.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">In order to account for tranche thickness, institutions shall calculate the risk weight for non-senior tranches as follows:</p>
<p class="container-center">
<img 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4UX7wlLmBakpZZTIKSUpR2PZY5SeRz9NeJPmhjDvjWryZibYZxKpG37BmTWMxY/x0JER15px6QlTyUtthTBBIUpSSoDqffjWSfKrb7d2lyvClbObj3uO2GFC5LsWrQlq7qZaxFdEZSnUHno6V/MUKLYUtI9h2q5G/2JbWfZxwsy8d9qM4j49Lx+6j0hceZeXRrEl5n4ua8p4kAvLW6kNhZPHX5Pbi3dsvIWdjnjRQZ1km0e6ctFFR1jU1RrWJMyY2mCFuz0D4kqda/tkqWT6hKx8pJPHvY8z8ClbCxPIuHgWfyMWn2TVdFaaqGVzng44Gm30MB/lTSniGRwSsrI+Xj31b03OK2n2+kbj5FAsKeBBp13U6NLYHxUNltkvOIcbQpQ9RCUqBSlSvccAnVLYX5q4jkUjC5uS4HkmJ4zuXITFw7I7F2E9Asn1glqO4Y7y1xH3APkbeSOVBSeeUnUizDyara7dGbspttgV7uFmlPBbs7qDUyIcZmpjucen8RIlutth1fdBS0klZSrtwBrQQ/OfZebsXTb5sIu1xshtPuGpoURULtZ1r6pb+DZbC+i19gT279Ovvz+Wvfj3lvjSM7vttN18Nuducgx7F15nKRbSocqMKZDnprkGREddQkpXyChXCuOCOedaprzSp4mJ1+7GU7P51j211u7GRCzCc3DLAakOpbYlPxW31So8ZZUCl1bfHCmzx86dbfcby5xbbTdyr2fuNvs0k2V9Dfk0kuJDYcjXDjSGlqZiH1ey1AOnspYbQnoolXHvrwjzUwFW22CZknC8zVkW5LkiNjeFis/8cy5DDqm3UqQVBtltJT2U84tKA2QvnjkapfCr93IPtRvj5+29thtinZ1SbCFYsRgt98z0qLqHozi25KOqkt+qFfibUj26anHjVmezkbcjyGtts9k9wKLK4c6BcZdX2PpLl2U2Q3IeQ3Gj/EKQhRJdVwVJCi8PfgAJ++NfaD4rl+FZVuFjuyG50uiwewei5FJECIgQWGie7oC3x6ykgBS2WitaEnlXHtzamf+TO3eDYPiOYx02OQSNwvhUYhTVLKXJ125IbS40lpK1JShIQtKluOKShCTyo+4BiOG+YAzLdF3aONsZn8K9pJ8SuylMhMFaKFyS0t2O66WX3C5HWhtRD7YKBygEgrA1B/NnyHzLb3MNqsBxvAc1Me33BoVTbWA2ylqxYbeS+quin1krcddKQlSVBCOqVJJIXq8M38hsP2z2qibq7hUuQ0LU99qFDopMJK7eTNdWpDMNqO2tQW+51JSkLI6+5IAPGmxzyUQc5x3bfdPa7KNu7zMEyDQfersKXFnrZQla2BIhvOpbfCSpQbc68hPsSSAXkx5QUfjHRVeR5LgGW3tdZS24Rl00ZlxmM4tYShLpW4lXZXJ6pSlRPB+ntz8K3yopY24NBt5uRtvmOAScycLWLTLyMwYtq5wT6BXHdc+GkEDkMvdFEFP5njWvzLy+qMfzXN8Pxfa/Lcw/wAMWoz+YyKhUMKrWn2fWQpuO88h6Vw0FqIaSfwEe51790vLjAdvdjoHkHR0d7muH2LLUhudRNslDDK1pQHHy842Wk91dCOCoKBSUgg61tP5p7e2LOf3Fhh+Z1OP4HQRsm++JtV0Yta99r1G3Iqe3bkpKCEOBCuFjsEkED0YF5cY9kuTYljWY4LfYUNxIIsMMsbGRDkwb1soS4G23orzgbeLa0LDToSSFDjk+x9u4HlRj2J53cbc4jgmUZ7d4pAat8pax9EYoo4Tg5QXlyHW0qeUj50x0FTikAq4AGohUec1TdbUZHvXX7HbjSMQp65u2hWDEeG4ixhESvUeQQ/1bDBiLS8hSvUbK0cpIUDrd4H5oYDnly7FiYbmMClRhS85byCXWhNfIhNrKHUtqCitS0lKuAUjuEKUnlJSpXjwvzaxDIzhlxkWBZLi2I7kShBxLKJ7sJ6BPkq7enHe+HeWuI851ISh1I5UlaeeUnWx3R8u6na/enH9kpe0O4Vza5M3JXVSquDGcjzizHS8tLHZ4KV17dVqUEJQQST1BUN/tl5D41uVmFztFkeJ3mHZ3TRRNnY3esNqU9BWoJEmO+ypceSySoJKkLPBJCgODrkbwx3yhbMYJvjFrtp8tv63Gtz8gt7d6igR24lZW8to5SXXGw8tCWFqLDIUsIAPABSD35hGY0W4eHUmd4xJU/UZBXx7OC6tHVS2HmwtBIP0PChyP11xL9pbuFleYbMbl4VgFq9Ax7A4EGRmNiyg/wCbmSZUdEenQrkD/dPfEvlPbqn4dsj+6ri898fbxuxED/mLb/8A/O1eugh9NZ1TeWEjy1224P8A6CZf/wBto9c7eV22tRifk146ZSzeZNZz8g3NU68LW9kzI8ZsJStDMaOtfosNpUtXAQgK4PHYjgDutH4E/wCg1kqA/X+NY7D9D/B1+tVT5HeQdL417fSNyMlw3Jrypic/EuU0dlwRSVJQ2Xi44jola3EoBAV7n3AHvqByfOPCaVzD5uY7Z7g47R7goWnF7WdVtKTYyEpUpMf4dp1Uhpx3+2GUuNpLvqp6gDkiWYR5K1uTbg2O0+T7d5Th+Xx6Q5PXVFt8I49Z1fqFtLrKo77iA6FpKVMrUlaT9eRyRV3izmmzNJG3utdm9mNwa6wrMtMnJKeX6T1jLs3kBTiI7KpBQgIJX8pWPzIJHAH0xz7RLBsp2rsN7anZzct3CaKUti7tfu+KEwU+opCVpQp8LkAH0y56IWGg6Cs+ygOqa6xh29dGtayQiRFmMokMOp/C42tIUlQ/Ygg/9dc5+M617k7072742bbq1x8lVt/Qpe6kw62qSlMhLZBKkh6Yt1xYPHJQg+4AAhOW+LuDYH4Xbgz9wdtsKs9xBiOSXVxfGpjSpL1q81JkOSESVMpXyFrHTgJ6BKQngJGtdtN4w7fbkeCOEv4ttphUbPZeG1dnV3LlRGYfNqylt9lbslLRdCVutpS4oHsUKWOeTzrpCq3+wmy33svHRiLcnKqiibyCY8YCkwEsLUgBKXifmWS6ngBJHsoduyVAU99oRi+G5ri+12KZ9DyWXS2mefDOs422tdmt40tp6AjhIJ7+t6XuR0A57kI7Eazxyd8Z9hsC3MO2GMZNQZZiNU9dZRVZe0tWQCOxHW6ypXZZDkdQSpSPRWWuzivdKlHVa7b7TY5f/Z35Hv3m+MwnN0r6gvs/XlaEt/erNgFvSYT7EtI9VgISzH4bQoBICkke6hrqLZy7yne/xIxi6u7BkZDmWDtGRL6lCPipEMpLpCfcfMrsev78fkNcwYO5iVttLsdsDn23Cq5zaKVJttyYFzVLVWVMWBWT470h55xv0HTIelNPtekV9uylA/J21LPE3Ctk6DcB3yDuqfENu5+ftqqttsYfcZhTEUQUVCT6TigtyTLIDh9iUNhCEnhSgbO86a+ZTbPsb2426zGyXaW2iZZXyFJ91R23A3OjkgglDsVx1Kkc8LIQPb2UJF5MzG7DbDFpzHYNSM+wd1AV7HqrIIBHI/XgjV1jWlzTL6HAsamZbk8l+PWV/pqkOMRHpS0hTiUJ4aZQtxXzKH4Unj6ngAnXBn2XaqGLiO422edY1OZs8ly6yt40C3x2W21Lq1x2EFalvMhrqrhaeilBR9/l1+vs+94n9nsKyDx13BjzFZxS7mKx+rxhKeslmBLKFF9vt7LjtJRMkKWPlDSBwfnQFTH7TLG83pK3avyH2qq2pWX7dZbHajBSTw41NKWktOAKSVtqfSygjsDw6oAgKUdafzd2QtdtfDbBbrBUplZJsda1WQNzAhS3JLiV9ZjhCepJcfdD6zwSeFc8ck66q8eMMuMH2ko4GT8/1HZh+9vyRxzaz3ly5YHsPYPPrSPYeyR7D6al2aM5W/itozgzlO3frjLTXLuGnHYSHz+FTyGyFqQPqQkgnjjkfXVAf0x5/wD/ADd49/8A0xbf/wBOpFt7ReY8LMa6RuTkGy8vG0rV8e1R0VlHnFPRXUtOOvKQCF9eeySCOR7Hg6vf8vfXH7+X0mKeJG7ce4XN9a/yrcilrmoldJmOPzH7S0DTfSO2tSeSOOygEg8ckcjVdeI+OV2d/Zz3Owb+JPyM4gYzfNu1FrRvxlNy5EiY5BIckNJQpfctLSUKUUHqTwRqb/Z/eREO62R2o2itVzrXOI7VrU3sUo9N+jj16nPTdloXwpKSlUNgH8SnHR7HqsphvnLtZnv+1VtXlW2TaYy91aqftjkMprlJahPJKnHVcKHzojOPuIVwrhUZPIV1Sk+z7QPb7PMLzfYjdzYStjw7yqsnNvo6GWVFDbNiz6MQFKeQltrh7j5CApSeeeEpPa2AYdV7eYNj+B0YV9347VxaqL2+paYaS2kn9yE8n/XXGe+eeLe8u7eh3u3At9pNuscxyK7Q3NSyYEvJ5Cx6jrCbZtpTyEIJeT8G04hbikdgFe+qz8Td0k7Z4VvhtxfYbmjAscnym+nPXNfOcsq6LJZhMVhkt+itx92U464OQSoFha1ApPYTvx1RLzH7MvItkaGiunc5qcGuq+VTSKiVFfEmUuaY7aC+2hLqlgjjopXHI545HMaopuaeSHhfK8b9pUVtqmj2fo2Z/VC25EbJGJKe9W4takpS6Wojg6FPyqKSpQStPPqqE+Pee4BhuJtWu7ucbhJeqem2VxmN1HegWDKmCtctpSSIkeP2U565SEFKP7ZUSkamWw24uNf7e291+pF6zV52zjtdQS3cfsWmJsiLF9N9IWpgJR0WCkqWUpP5Ej31cfnTmG5WG+O9xYbWYmi8tZcyHBfLlQLVEGG46PWlKhlC/iAgADr1VwVhRBCSNcX55le3GHbybEboYDuduDuvR4XJtlXd9NdmT6xqwkQEmFXsJaZ9GG86vq36DLQ6BTKVDlPGrx2CzaB457y70/7QMd7DDuJbws1pbOzbWtmYiUwS5VokISpK34rhUylnt6ix2U22E6+P2cu5WH5Nn3kLTVU2WZ1vuVb5LGjSa2THX93OLQhDjnqNgNKKjx6SyHPlV8vynjc7MUlrkvjH5NY5RV7s6ztcz3JhQorQBW/IdW6httPPA5UpQA5P1OqDz7ffA6X7O/b3a1mY9PyWmcxuPk1bGivqlY6iFYNOvLmthvlg92ktJS50K1ODp24OpjurY+K++2++T5Jk242SbR3NfU1hoc+qpsulTasOslQZl/ENpQHWnU8oaV6bjjaQQVJR8vg3Ojbo2Hg7tDk+4ECfMXh+6cC8tbRVOYbn3CxNlhu0fjJSFoSttxpxRKO39zsoclSjL/LjeGXu/wCF+6sKJDVat5Lkq6nA10dVKlJua+HMhLU+FNpWOO6JQ9Q9ELDfKeRwVeHyz3FxrLcL8aXsbbvpv3Hn2PZLYFnG7PtFrYZdYkyFp+H7JCHG1DoR3I4UlJSQTO8r3wwGT5pYLlMd7ITT1eGW1RJnjGLT0G5syTEXHa7fD/iUhCiTx1TwOxB9tc42NnhjUDfTZC03Pu8fwTINyLeZeQaXbaZfr9ESGnFfC20d5TLPdppoKS60tbSwv2A4Gv6O7LZztlnu1NDkm0d+3b4kmCmJXyU+oVBthPpdFhYCwtPThQUOeR++uDcVej7r5Z5fYHjDVsxYbzoYbwt2dQ2ESPYqZr5Hf+66wlDI54Ty6UDkjjn851ZeQeJSfB8bC1tBZTd2hhbWDHAH6p82/wB4JjJiLc+H6f7lPCnviOfT4SPm7fLqLbixv8G8x8PcGyeRc2MzaNl1eWToVJYS2YbbsFlCD6jTKwtPZCkAJJPCfcJHsP6Fs39U5jaMnQ+6a5cITw4WHe5ZLfqdvTKfU56+/Xr2/Ljn21wv4m7wYVhOTeRd1lK8hrIWTZ/PyGpcdxe1/wAzXvENNvoSmMTwVLSOvHYD3IAHOqxuMrpHvspP8Ea2myAZsK6FXuUzeL2KHjLFmmSsH/LhJPpIWsr54PH15I5s7ejdZ/Jsk2PpZOU2WAbRTaJ+RbZ+ilVGlxrBn/LiC3LkxyuqUVtI5eIbK0uAJV9OY34r5xDw/wAyNzIuJ02b5JXbnyMaGPT8jXNXJnU0eHIMq3EqQ2S9HbWlpKO6klSXmgn3HXW/8SM6yDa7Lsn2LRAYYzLIN8ruwt6SbHX8XHxp6CXxYo4ISGitpgJd5Uk+p1AJUnW/28zzGPH3y18lLPdyYvHkZm/QWeLtSI7inL9piK6hxMFCEkyXA4pCPTb7L7KA66qHbreXF8h+ze3B25XBvGMzkKyWC5Soop7625s2dKfZjhxtgoUequCeQEkcK666p2j3UwxjwvppsuRbMpxbD67HrZt2isEvsTxAZZLQYLHqucOOJSVNoUn6+/APHO21NTeZb9k1fbRUOM3kjMqOhsI8ymcqZLElLrli9JQhCXUJ9Uln5gGyr8h+Iga6O8Q93WdzaGJj2Mya21xDGcGxaL8fGaX2TdrYfE6E4tR4Kmmm4ZKAkFBeIUeTwmkfHfaDOcW8hL3xdkQHEbUbWZOdyad+R2dVKTNbIrIPvykNMSBLf7c9i7GB4BBI6q8psnzrCvHnOsk2zxL+pcjh1Dgg1nwokh3upKHFFkgh0NtqW4W+D3CCng88a/nPuZZ4KcY2LyKt3hzrPbDF87x3Is+dSzJ+4sSYSsh5K61hlDNcpDgcS216YdCUOg/iHa7PHHdZWy++u5eY+RFE/gFTvUmtzDH7u5CvhEAsuA1z8wgJZcbSR0bcCD7H5U8pSfpvfMu7NzZfySwrZCygbf7a7g2DjtPAqlGROpZIaZTeivQhtxtXdDq22yhS+qm3FFPZQEq8kb7GvLjbXM9vfGuiqMztrbEHVzcuhgIbiBmQw/FqhJLf9x+Qttf9guJDQT3cA7JCo5u9v/iG7Xh67sRtzSWN1unktBBx3+h36mQmyrZHVhMh2Uypseg2wns4H1cNkpQUqI1rdwbWs2p8pvGOuyGdeWMfaHFLGlyq4jUFlJaafdqG2mFlbbK/U9VXH4CsgnhXB51ZO96HtuPNDbHyPyWJKc29kYjOxOdbGO45Hx+Uta5DUp7gKU0h1J9JTpShCACVrA9tV5B342ryb7T+myGhyVybV2W2IxmBNZrpSmJs9yyU4hLCw3w60UEq9dP9n5VfP8p1tvGTdHEaryh8l81sU3sakyl2otqeW9jdkhEyLBhPfFLQFRweUEgdSApRPyBWq/8AHzcfHsO8Od7cMyGFk0W7vbfKTWQf6XtFOyRYR1phlAEf6OKQr3JAT/xddfbcDM8Qd8fvFLIod5Y0eQ7dWtTTSJK8WlTZkGY1Qn1mRWuFl2Y0X24yHCySUg8pWCPe1PEfPtlFb65zOsd0rO33c3SMWc/HscNm4ww/ChMKbabhxZJWVemhDhWouqUrjnj5Va3Pn7FkV1nsPuHMiuN43hm6NTaZBZ9Cpmth9gj13yOShsKIBURwCRyRyNQve+1z/dzDNrPJGHja7vHdu92Jd4WaSG4t+bi7M1xmNYMs8qU9yy224eo5UlfdKQnXu35zKi8udx9kMH2BsEZDGxvMouY5FkkGI8pihixGypMZ54pSGnn+yk+gSHApCe6U63P2p0lqD41V8x9KyhjNKJxQbQVq4DyyQlI9yeB7AfXUe8osxxry4udrNn9hJhySxhZlX5Ld3kGG+prFYUYrK1yHeE/DyiSUiOspc5SQQgkc19e5i9mWZb4jezNMywjK0z5tNh23mKsO1UzJGPRWiG+pyO0HbhbnCUAF1TbSSoqCEOA6hcTcR62+zCttj2MQvl2lfTQqaMtqpmuuybo2z78uAWksctqjsssrU4T0PxATyFIUNdSbtbw5QrwclZNsbjErJ7iJAr6SQxOx6Q78LwllEt1cGS0FSEtoJ9uikknt8wSoa5hzzINtcb3D2A3CxDdzPtz6nD70ysovZBmS6mskPMIMaIiM0yGoDri+W0xWmgpCUoSpPIAMnyrcOZQeQe51wi/mbdXu4+E4yvIq2PgknM1Rn3YC0LQ4qG+2Y0lgko4cT0cT1V0PsdWE1nfj7C+zrzHa/ZDKrnIIdRjlphrMeRUzFWht5EeQsNPxks+o0pxxThBKQ2nkDsONSbb3dDI6b7O5pzazFLDIc2wjA4NQ/RzKWShSJyYraHUFiQ2n4gNpK1lKAoL9MoBPOuWdy7PCJGAbM38Ld/Oc4uccznHskz5DTElFFh8ZC1iQlyrjsoZri26FpbR6Yd6pd557e9zbv7zVrflT4mbybkU0nDoE6myiVKYkIcfVCafjdGnHuqApCOq21rUtCQ0lSivqEKIlSMiqt5vNml8icEbkO7abSYXZxrbMI0B9ca7kOh0KhRVoB+LQwHC7y2lY7hYAJKTqCeM+6GMYRsH5AVOSRsmiTsgzXJ7Spj/0vaKdmRpzCURHG0iP/wCcUhQAPBHHzdddPeFGT1V74z4FjUFdgxZ4tjNXTWrMuskxHIsxuIgLb4kNo79SCOyeyeR9TrlLzH2ZzLZ/xiyXa6Hvrk2Uv5Y85Ys0DeCsPP3ctVgy/KekTIrBWHey/UK3FJKugA5A41ddlcuXniVj0l7PLDLVs5xhcdU2dj5pnGijIKsfD/DltskI+gX1+bn6njXXY+ms6prLf/K122/+BMv/AO20euefNHc3F5nkBsVHgMZDMG3mcmxyV6Ljdi8zAj+k2AsuIYKXOf8A3ZX9DzxxrtXFclp8xx2Bk1A+69X2LIejuOxnY61IPtyW3UpWk+x9lJB/bVWbh+J22+5uXTs0yPItwWps/wBMLars1soUVsIbSgBthl1LbY4TyQkDlRUo+5Oo3/sIbNf8zbo//cS3/wC/10JXQkVtfGr235D6YzKGQ7IeU66sJSB2WtXupR45Kj7k8k65e+0xs2XfEjMMIiQ7KdeZQmJHqocGtkS1vuNTY7zg/stqCOG0qVyspB44BJ9tV7vjvHt3kUHx0MVV5PaxnMqm/t0/0par+GhsQZbC31pMX6pf6jj8fJCgOPm1i63QxKX9otje4TAvVY4ztmvHHLH+m7P0U2Ls1bzbBPw/sS2tKu34RzwSD7a+fiDujiONbi+SeSX6b6BW32XP5PXPP41ZpEqt9mvWQkx+VfO6gdAO/uT14BOqu2czqqxX7MrLdo7usyhjMJtfkNXHqBjFmp9Uia5IVHSOGOvVST2KueqQfmIPtrv3YHM6DNdqKCdj78txqvgxq6QJVfJhrRIZYbDiekhtCzwT9QOD+RPB1VnhO+mErezEJYDdnT7uZG/Ja9RCuG5jqJLCx1JPCm3B7kD3Ch/wnW78ztzcUxbY7OMGs1W715luJW8Goh19JNnKkPuRlsoT2jtLSjlbiRytSfbk/QHWr8FtxMXtNhcC2yjuWjOSYticBm2hTKWbE+HcQhKFp9R9lCFkKPHCFK/X6e+pivyNx+L5JI8c7HCsng2U2p+8a+9fg8Vk9SGy64w07zyVIR2JPHHZK0+xA7RbyQ3Wz3andnaazXk9Zje1syVYMZja2NZ8RHad6N/CNLeHvF9Tl5KXiQgK47c+yTSbeGN+U3l3nG5G3LiH9uDtfMwOZk0J51Ma3nS0rSWo7igUOhkL5K0JUhJQAeVcajW3m7VHgX2eGSeO+4U6wY3VpKS7wj+lHmVrtpUySuSiEiLH/wB4+wW3G+riAUBDazzwjXaPjdgl1tfsFt/t7khZ+9MexyDXzQ0rshLzbKQsA/mAeRz+fGqp3ccX5P7vo8bqdanMAwxyNc7lSkKHpzn+e8GhB59+5T68gdTw2htHYFZBqjIo+DNbweXjO/rNO3GZw+kRj6VpYElFEIj/AEFeH/ooTQzx0+X4v0uPm66tLy7sLeB4B5SM07/f1hiUCrlIbQtRXaSjHYCAF/P80hwDlXuOeVfQ6l/kPHei7QYbFkNlt1nOMDbcQfqlSb6vBHt+hB1eg0I59tAkD9f51jojt36jt9OePfWSAocEA/66EAjg6zppprGqQ8daTdzDrTOcPzjAa2tx05Te3lHdR71Ml2xbn2smUlLkZKAWClDyfqtXJ/Iau8AD9f51gIQklSUgE/U8fXWSAeCQDx9NCAfqOdZ1gpBPJGnA/f8AnQAD9f8AqdAAPoPrp1HPOnUfX3/k6Ec6dRoUg/UaqPf/AGr3Q3ARitztNu1Mw22xW3RaOQyXvu68aBT2izUsrStTZ6/lz9VDj3Ck+zxz2STsNtz/AEhJyV/Irews515dWzzZaM2wlvF15wNla+ifdKQOxPCeSSSTqzyhJ55SDz9f306p/TWeBxxp1HHH6foeNOo/f+TrHUfqf5OucNvNid+9g8UhbW7NbiYXPw2vfkLrv6oo5SrGvaeeU6psuRX0NyuFuLUFKQ2fok8/i1Yfj7sfD2HwubjoySVkNteXEzIr22fjojfHWcopLzqI7f8AbYbPVIS0j2SB9SSSbN6gfr/J06jnnjQpB/X+dNY6j9T/ACdOo/U/ydCkEcH3/wBdZ404HPPGhSCedY6p44Ht/p7az1HHHv8AzoAB+v8AOq18gttM43S25fxrbjdG1wG+blx50W0r1qR3LSuxjulBC/ScB4V1PI9jwoAoV+9mNrbXAGMgyLMb9m8zLNLL73vp0dgsRUuJaQyzFitqKlIjsstobR2UpSj2Wo8q4Fj/AF0CQPpoUgjgjkacDjjQJA+g06jnnQpB9/f+dCAfrrAQkHkD3+ms9R+/8nWOo/U/ydVHu1spkeW7gYpvBt9m7FDlmGw7CBGZsq746unxpfpl1l5CVtutkqZb4dbWCn3+Vf01H4Wxe6G4G4+Ibj785pjryMBkvzqSixeteYYXOcb9MSpEmQ4t5XVC3EhlASjnqpRV+EX71HHHHtxxpwOONAkD6D99UV5X+OOT+S+L1WGV+5sPE6mDYsWsgLx/7wefksLC2ClfxDQbSPm7J6qKuR7p497jxuHeQKOFEya3iWlq00BMmxYRhsvu/wDEtLJccLYP/qlauP1Otl1HPPGnUcce/wDOnA449/51goSQR9Of01QLOyG7+1+WZnkmxedYw5X55eryKyp8rqX3fhp7jSG3XWJUV1CyhSWmgGnEK68Ehf5GR7K7G2O3mU5rufmmWt5Dmu4L8R22kQ4IgwYzEZCkRosdnspXVsOLBdcUpxzkFX041bnAHt7/AM6BIH01zzuj4z7i595CYfvzTby1NIrAm5bNJVu4kZYDcuOGZQfe+MbLpUO5QQlHTsOQvjk9DBIA41jqP1P8nWQOP1/nQgH9f51SPkrSbt5kjE8GwLAq61o5WR0treXEm8TFdrGoFtEl/wBuOpBMgrQwsey08fvzq7hrOqQ3fpN3Ie+O3G4+2uBVuUQK6quaG6TLvEVyoTM2TWuCQjshZeKUw3PkAHPI9x7au3rz7nn+TrP01nTTWCAf1/nWOo/U/wAnWeo/f+Tp1H7/AMnWOo/U/wAnWQOPbVNWm1uU4j5AsbxbbR4j1fmbDFRnla68GlOiOhQhWbJI4U6ykqZWj27tLTweWwDcvHP15H/XQAD9f51CZu2qrfduu3Nur0y41BUvQKSp+FCUQpUhf+amFzsS44tpDTKPlHpo9YAn1VcTYgH2OgSE+wGsemjsFdRyBwD+YGs68VZR0tIZZpqiFA+PlOTZXwsdDXxEhfHd5zqB3cVwOVHkngcnWrvtusBym7q8myXCaG1t6RfqVs+bXMvyIavf3acWkqR9fyI/XVe7h7YZTuzu7iwyeNFi7dYJIZyNllMnu9d3iewjBxsD+3Hi+7vBJLjq2zwA3yfH5G0m7mYz8JwzBsBrbPHzlFFdXl1IvERna5uBaxZRCIxQS+VoZV9Fp4P5HV36zppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppr//2Q==" width="869" height="35" alt="image"></p>
<p class="norm inline-element">where</p>
<p class="norm inline-element">T = tranche thickness measured as D – A</p>
<p class="norm inline-element">where</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">D</p>
</td>
<td valign="top">
<p class="dlist-definition">is the detachment point as determined in accordance with Article 256</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="90%"><tr><td valign="top">
<p class="dlist-term">A</p>
</td>
<td valign="top">
<p class="dlist-definition">is the attachment point as determined in accordance with Article 256</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">The risk weights for non-senior tranches resulting from paragraphs 3, 4 and 5 shall be subject to a floor of 15 %. In addition, the resulting risk weights shall be no lower than the risk weight corresponding to a hypothetical senior tranche of the same securitisation with the same credit assessment and maturity.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of using inferred ratings, institutions shall attribute to an unrated position an inferred rating equivalent to the credit assessment of a rated reference position which meets all of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the reference position ranks <span class="italics">pari passu</span> in all respects to the unrated securitisation position or, in the absence of a <span class="italics">pari passu</span> ranking position, the reference position is immediately subordinate to the unrated position;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the reference position does not benefit from any third-party guarantees or other credit enhancements that are not available to the unrated position;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the maturity of the reference position shall be equal to or longer than that of the unrated position in question;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">on an ongoing basis, any inferred rating shall be updated to reflect any changes in the credit assessment of the reference position.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">Where an institution has a securitisation position in the form of a derivative to hedge market risks, including interest rate or currency risks, the institution may attribute to that derivative an inferred risk weight equivalent to the risk weight of the reference position calculated in accordance with this Article.</div>
</div>
<p class="norm">For the purposes of the first subparagraph, the reference position shall be the position that is pari passu in all respects to the derivative or, in the absence of such pari passu position, the position that is immediately subordinate to the derivative.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 264 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Under the SEC-ERBA, the risk weight for a position in an STS securitisation shall be calculated in accordance with Article 263, subject to the modifications laid down in this Article.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For exposures with short-term credit assessments or when a rating based on a short-term credit assessment may be inferred in accordance with Article 263(7), the following risk weights shall apply:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-5fd0620e-05b9-40ac-a489-6ac75979620e">
<span class="italics">Table 3</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="37%"><col width="10%"><col width="10%"><col width="10%"><col width="33%"><tbody><tr><td valign="top">
<p class="tbl-norm">Credit Quality Step</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">All other ratings</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
<td valign="top">
<p class="tbl-norm">10 %</p>
</td>
<td valign="top">
<p class="tbl-norm">30 %</p>
</td>
<td valign="top">
<p class="tbl-norm">60 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For exposures with long-term credit assessments or when a rating based on a long-term credit assessment may be inferred in accordance with Article 263(7), risk weights shall be determined in accordance with Table 4, adjusted for tranche maturity (M<span class="subscript">T</span>) in accordance with Article 257 and Article 263(4) and for tranche thickness for non-senior tranches in accordance with Article 263(5):</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-5b83125c-a0c5-4300-853d-07963829a193">
<span class="italics">Table 4</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="35%"><col width="16%"><col width="16%"><col width="16%"><col width="16%"><tbody><tr><td rowspan="3" valign="top" style="font-weight: bold">
<p class="tbl-norm">Credit Quality Step</p>
</td>
<td colspan="2" style="font-weight: bold" valign="top">
<p class="tbl-norm">Senior tranche</p>
</td>
<td colspan="2" style="font-weight: bold" valign="top">
<p class="tbl-norm">Non-senior (thin) tranche</p>
</td>
</tr><tr><td colspan="2" style="font-weight: bold" valign="top">
<p class="tbl-norm">Tranche maturity (M<span class="subscript">T</span>)</p>
</td>
<td colspan="2" style="font-weight: bold" valign="top">
<p class="tbl-norm">Tranche maturity (M<span class="subscript">T</span>)</p>
</td>
</tr><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">1 year</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5 years</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">1 year</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5 years</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">10 %</p>
</td>
<td valign="top">
<p class="tbl-norm">10 %</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">40 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">10 %</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">55 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">70 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">25 %</p>
</td>
<td valign="top">
<p class="tbl-norm">25 %</p>
</td>
<td valign="top">
<p class="tbl-norm">80 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">30 %</p>
</td>
<td valign="top">
<p class="tbl-norm">35 %</p>
</td>
<td valign="top">
<p class="tbl-norm">95 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">30 %</p>
</td>
<td valign="top">
<p class="tbl-norm">40 %</p>
</td>
<td valign="top">
<p class="tbl-norm">60 %</p>
</td>
<td valign="top">
<p class="tbl-norm">135 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">7</p>
</td>
<td valign="top">
<p class="tbl-norm">35 %</p>
</td>
<td valign="top">
<p class="tbl-norm">40 %</p>
</td>
<td valign="top">
<p class="tbl-norm">95 %</p>
</td>
<td valign="top">
<p class="tbl-norm">170 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
<td valign="top">
<p class="tbl-norm">55 %</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
<td valign="top">
<p class="tbl-norm">225 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">9</p>
</td>
<td valign="top">
<p class="tbl-norm">55 %</p>
</td>
<td valign="top">
<p class="tbl-norm">65 %</p>
</td>
<td valign="top">
<p class="tbl-norm">180 %</p>
</td>
<td valign="top">
<p class="tbl-norm">255 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">10</p>
</td>
<td valign="top">
<p class="tbl-norm">70 %</p>
</td>
<td valign="top">
<p class="tbl-norm">85 %</p>
</td>
<td valign="top">
<p class="tbl-norm">270 %</p>
</td>
<td valign="top">
<p class="tbl-norm">345 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">11</p>
</td>
<td valign="top">
<p class="tbl-norm">120 %</p>
</td>
<td valign="top">
<p class="tbl-norm">135 %</p>
</td>
<td valign="top">
<p class="tbl-norm">405 %</p>
</td>
<td valign="top">
<p class="tbl-norm">500 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">12</p>
</td>
<td valign="top">
<p class="tbl-norm">135 %</p>
</td>
<td valign="top">
<p class="tbl-norm">155 %</p>
</td>
<td valign="top">
<p class="tbl-norm">535 %</p>
</td>
<td valign="top">
<p class="tbl-norm">655 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">13</p>
</td>
<td valign="top">
<p class="tbl-norm">170 %</p>
</td>
<td valign="top">
<p class="tbl-norm">195 %</p>
</td>
<td valign="top">
<p class="tbl-norm">645 %</p>
</td>
<td valign="top">
<p class="tbl-norm">740 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">14</p>
</td>
<td valign="top">
<p class="tbl-norm">225 %</p>
</td>
<td valign="top">
<p class="tbl-norm">250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">810 %</p>
</td>
<td valign="top">
<p class="tbl-norm">855 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">15</p>
</td>
<td valign="top">
<p class="tbl-norm">280 %</p>
</td>
<td valign="top">
<p class="tbl-norm">305 %</p>
</td>
<td valign="top">
<p class="tbl-norm">945 %</p>
</td>
<td valign="top">
<p class="tbl-norm">945 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">16</p>
</td>
<td valign="top">
<p class="tbl-norm">340 %</p>
</td>
<td valign="top">
<p class="tbl-norm">380 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 015 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 015 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">17</p>
</td>
<td valign="top">
<p class="tbl-norm">415 %</p>
</td>
<td valign="top">
<p class="tbl-norm">455 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">All other</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
<td valign="top">
<p class="tbl-norm">1 250 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 265 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions may calculate the risk-weighted exposure amounts for unrated positions in ABCP programmes or ABCP transactions under the Internal Assessment Approach in accordance with Article 266 where the conditions set out in paragraph 2 of this Article are met.</div>
</div>
<p class="norm">Where an institution has received permission to apply the Internal Assessment Approach in accordance with paragraph 2 of this Article, and a specific position in an ABCP programme or ABCP transaction falls within the scope of application covered by such permission, the institution shall apply that approach to calculate the risk-weighted exposure amount of that position.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The competent authorities shall grant institutions permission to apply the Internal Assessment Approach within a clearly defined scope of application where all of the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all positions in the commercial paper issued from the ABCP programme are rated positions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the internal assessment of the credit quality of the position reflects the publicly available assessment methodology of one or more ECAIs for the rating of securitisation positions backed by underlying exposures of the type securitised;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the commercial paper issued from the ABCP programme is predominantly issued to third-party investors;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution’s internal assessment process is at least as conservative as the publicly available assessments of those ECAIs which have provided an external rating for the commercial paper issued from the ABCP programme, in particular with regard to stress factors and other relevant quantitative elements;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution’s internal assessment methodology takes into account all relevant publicly available rating methodologies of the ECAIs that rate the commercial paper of the ABCP programme and includes rating grades corresponding to the credit assessments of ECAIs. The institution shall document in its internal records an explanatory statement describing how the requirements set out in this point have been met and shall update such statement on a regular basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution uses the internal assessment methodology for internal risk management purposes, including in its decision-making, management information and internal capital allocation processes;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">internal or external auditors, an ECAI, or the institution’s internal credit review or risk management function perform regular reviews of the internal assessment process and the quality of the internal assessments of the credit quality of the institution’s exposures to an ABCP programme or ABCP transaction;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution tracks the performance of its internal ratings over time to evaluate the performance of its internal assessment methodology and makes adjustments, as necessary, to that methodology when the performance of the exposures routinely diverges from that indicated by the internal ratings;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the ABCP programme includes underwriting and liability management standards in the form of guidelines to the programme administrator on, at least:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the asset eligibility criteria, subject to point (j);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the types and monetary value of the exposures arising from the provision of liquidity facilities and credit enhancements;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the loss distribution between the securitisation positions in the ABCP programme or ABCP transaction;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the legal and economic isolation of the transferred assets from the entity selling the assets;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the asset eligibility criteria in the ABCP programme provide for, at least:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exclusion of the purchase of assets that are significantly past due or defaulted;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">limitation of excessive concentration to individual obligor or geographic area; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">limitation of the tenor of the assets to be purchased;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an analysis of the asset seller’s credit risk and business profile is performed including, at least, an assessment of the seller’s:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">past and expected future financial performance;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">current market position and expected future competitiveness;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">leverage, cash flow, interest coverage and debt rating; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">underwriting standards, servicing capabilities, and collection processes;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the ABCP programme has collection policies and processes that take into account the operational capability and credit quality of the servicer and comprises features that mitigate performance-related risks of the seller and the servicer. For the purposes of this point, performance-related risks may be mitigated through triggers based on the seller or servicer’s current credit quality to prevent commingling of funds in the event of the seller’s or servicer’s default;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(m) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the aggregated estimate of loss on an asset pool that may be purchased under the ABCP programme takes into account all sources of potential risk, such as credit and dilution risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(n) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the seller-provided credit enhancement is sized based only on credit-related losses and dilution risk is material for the particular asset pool, the ABCP programme comprises a separate reserve for dilution risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(o) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the size of the required enhancement level in the ABCP programme is calculated taking into account several years of historical information, including losses, delinquencies, dilutions, and the turnover rate of the receivables;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(p) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the ABCP programme comprises structural features in the purchase of exposures in order to mitigate potential credit deterioration of the underlying portfolio. Such features may include wind-down triggers specific to a pool of exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(q) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution evaluates the characteristics of the underlying asset pool, such as its weighted-average credit score, and identifies any concentrations to an individual obligor or geographic area and the granularity of the asset pool.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where the institution’s internal audit, credit review, or risk management functions perform the review provided for in point (g) of paragraph 2, those functions shall be independent from the institution’s internal functions dealing with ABCP programme business and customer relations.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions which have received permission to apply the Internal Assessment Approach shall not revert to the use of other methods for positions that fall within scope of application of the Internal Assessment Approach unless both of the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has demonstrated to the satisfaction of the competent authority that the institution has good cause to do so;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has received the prior permission of the competent authority.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 266 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Under the Internal Assessment Approach, the institution shall assign the unrated position in the ABCP programme or ABCP transaction to one of the rating grades laid down in point (e) of Article 265(2) on the basis of its internal assessment. The position shall be attributed a derived rating which shall be the same as the credit assessments corresponding to that rating grade as laid down in point (e) of Article 265(2).</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The rating derived in accordance with paragraph 1 shall be at least at the level of investment grade or better at the time it was first assigned and shall be regarded as an eligible credit assessment by an ECAI for the purposes of calculating risk-weighted exposure amounts in accordance with Article 263 or Article 264, as applicable.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 4 -
Caps for securitisation positionsArticle 267 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An institution which has knowledge at all times of the composition of the underlying exposures may assign the senior securitisation position a maximum risk weight equal to the exposure-weighted-average risk weight that would be applicable to the underlying exposures as if the underlying exposures had not been securitised.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">In the case of pools of underlying exposures where the institution uses exclusively the Standardised Approach or the IRB Approach, the maximum risk weight of the senior securitisation position shall be equal to the exposure-weighted-average risk weight that would apply to the underlying exposures under Chapter 2 or 3, respectively, as if they had not been securitised.</div>
</div>
<p class="norm inline-element">In the case of mixed pools the maximum risk weight shall be calculated as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the institution applies the SEC-IRBA, the Standardised Approach portion and the IRB Approach portion of the underlying pool shall each be assigned the corresponding Standardised Approach risk weight and IRB Approach risk weight respectively;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the institution applies the SEC-SA or the SEC-ERBA, the maximum risk weight for senior securitisation positions shall be equal to the Standardised Approach weighted-average risk weight of the underlying exposures.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Article, the risk weight that would be applicable under the IRB Approach in accordance with Chapter 3 shall include the ratio of:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">expected losses multiplied by 12,5 to</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the exposure value of the underlying exposures.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where the maximum risk weight calculated in accordance with paragraph 1 results in a lower risk weight than the risk-weight floors set out in Articles 259 to 264, as applicable, the former shall be used instead.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 268 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An originator institution, a sponsor institution or other institution using the SEC-IRBA or an originator institution or sponsor institution using the SEC-SA or the SEC-ERBA may apply a maximum capital requirement for the securitisation position it holds equal to the capital requirements that would be calculated under Chapter 2 or 3 in respect of the underlying exposures had they not been securitised. For the purposes of this Article, the IRB Approach capital requirement shall include the amount of the expected losses associated with those exposures calculated under Chapter 3 and that of unexpected losses.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">In the case of mixed pools, the maximum capital requirement shall be determined by calculating the exposure-weighted average of the capital requirements of the IRB Approach and Standardised Approach portions of the underlying exposures in accordance with paragraph 1.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The maximum capital requirement shall be the result of multiplying the amount calculated in accordance with paragraphs 1 or 2 by the largest proportion of interest that the institution holds in the relevant tranches (V), expressed as a percentage and calculated as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for an institution that has one or more securitisation positions in a single tranche, V shall be equal to the ratio of the nominal amount of the securitisation positions that the institution holds in that given tranche to the nominal amount of the tranche;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for an institution that has securitisation positions in different tranches, V shall be equal to the maximum proportion of interest across tranches. For these purposes, the proportion of interest for each of the different tranches shall be calculated as set out in point (a).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">When calculating the maximum capital requirement for a securitisation position in accordance with this Article, the entire amount of any gain on sale and credit-enhancing interest-only strips arising from the securitisation transaction shall be deducted from Common Equity Tier 1 items in accordance with point (k) of Article 36(1).</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 5 -
Miscellaneous provisionsArticle 269 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For a position in a re-securitisation, institutions shall apply the SEC-SA in accordance with Article 261, with the following changes:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">W = 0 for any exposure to a securitisation tranche within the pool of underlying exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">p = 1,5;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the resulting risk weight shall be subject to a risk-weight floor of 100 %.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">K<span class="subscript">SA</span> for the underlying securitisation exposures shall be calculated in accordance with Subsection 2.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The maximum capital requirements set out in Subsection 4 shall not be applied to re-securitisation positions.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where the pool of underlying exposures consists of a mix of securitisation tranches and other types of assets, the K<span class="subscript">A</span> parameter shall be determined as the nominal exposure weighted-average of the K<span class="subscript">A</span> calculated individually for each subset of exposures.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 269a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Article:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘NPE securitisation’ means an NPE securitisation as defined in point (25) of Article 2 of Regulation (EU) 2017/2402;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘qualifying traditional NPE securitisation’ means a traditional NPE securitisation where the non-refundable purchase price discount is at least 50 % of the outstanding amount of the underlying exposures at the time they were transferred to the SSPE.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The risk weight for a position in an NPE securitisation shall be calculated in accordance with Article 254 or 267. The risk weight shall be subject to a floor of 100 %, except when Article 263 is applied.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">By way of derogation from paragraph 2 of this Article, institutions shall assign a risk weight of 100 % to the senior securitisation position in a qualifying traditional NPE securitisation, except when Article 263 is applied.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions that apply the IRB Approach to any exposures in the pool of underlying exposures in accordance with Chapter 3 and that are not permitted to use own estimates of LGD and conversion factors for such exposures shall not use the SEC-IRBA for the calculation of risk-weighted exposure amounts for a position in an NPE securitisation and shall not apply paragraph 5 or 6.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">For the purposes of Article 268(1), expected losses associated with exposures underlying a qualifying traditional NPE securitisation shall be included after deduction of the non-refundable purchase price discount and, where applicable, any additional specific credit risk adjustments.</div>
</div>
<p class="norm">Institutions shall perform the calculation in accordance with the following formula:</p>
<p class="norm">
<img 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" width="609" height="38" alt="image"></p>
<p class="norm">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">CR<span class="subscript">max</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the maximum capital requirement in the case of a qualifying traditional NPE securitisation;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RWEA<span class="subscript">IRB</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of risk-weighted exposure amounts of the underlying exposures subject to the IRB Approach;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">EL<span class="subscript">IRB</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of expected loss amounts of the underlying exposures subject to the IRB Approach;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">NRPPD</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the non-refundable purchase price discount;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">EV<span class="subscript">IRB</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of exposure values of the underlying exposures that are subject to the IRB Approach;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">EV<span class="subscript">Pool</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of exposure values of all underlying exposures in the pool;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">SCRA<span class="subscript">IRB</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">for originator institutions, the specific credit risk adjustments made by the institution with respect to those underlying exposures subject to the IRB Approach only if and to the extent these adjustments exceed the NRPPD; for investor institutions the amount is zero;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RWEA<span class="subscript">SA</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of risk-weighted exposure amounts of the underlying exposures subject to the Standardised Approach.</p>
</td>
</tr></table><div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">By way of derogation from paragraph 3 of this Article, where the exposure-weighted average risk weight calculated in accordance with the look-through approach set out in Article 267 is lower than 100 %, institutions may apply the lower risk weight, subject to a 50 % risk-weight floor.</div>
</div>
<p class="norm">For the purposes of the first subparagraph, originator institutions that apply the SEC-IRBA to a position and that are permitted to use own estimates of LGD and conversion factors for all underlying exposures subject to the IRB Approach in accordance with Chapter 3, shall deduct the non-refundable purchase price discount and, where applicable, any additional specific credit risk adjustments from the expected losses and exposure values of the underlying exposures associated with a senior position in a qualifying traditional NPE securitisation, in accordance with the following formula:</p>
<p class="norm">
<img src="data:image/jpg;base64,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" width="574" height="68" alt="image"></p>
<p class="norm">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RW<span class="subscript">max</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the risk weight, before applying the floor, applicable to a senior position in a qualifying traditional NPE securitisation when the look-through approach is used;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RWEA<span class="subscript">IRB</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of risk-weighted exposure amounts of the underlying exposures subject to the IRB Approach;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RWEA<span class="subscript">SA</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of risk-weighted exposure amounts of the underlying exposures subject to the Standardised Approach;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">EL<span class="subscript">IRB</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of expected loss amounts of the underlying exposures subject to the IRB Approach;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">NRPPD</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the non-refundable purchase price discount;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">EV<span class="subscript">IRB</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of exposure values of the underlying exposures that are subject to the IRB Approach;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">EV<span class="subscript">pool</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of exposure values of all underlying exposures in the pool;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">EV<span class="subscript">SA</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of exposure values of the underlying exposures that are subject to the Standardised Approach;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">SCRA<span class="subscript">IRB</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the specific credit risk adjustments made by the originator institution with respect to the underlying exposures subject to the IRB Approach only if and to the extent these adjustments exceed the NRPPD.</p>
</td>
</tr></table><div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Article, the non-refundable purchase price discount shall be calculated by subtracting the amount referred to in point (b) from the amount referred to in point (a):</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the outstanding amount of the underlying exposures of the NPE securitisation at the time those exposures were transferred to the SSPE;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sum of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the initial sale price of the tranches or, where applicable, parts of the tranches of the NPE securitisation sold to third party investors; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the outstanding amount, at the time the underlying exposures were transferred to the SSPE, of the tranches or, where applicable, parts of tranches of that securitisation held by the originator.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of paragraphs 5 and 6, throughout the life of the transaction, the calculation of the non-refundable purchase price discount shall be adjusted downwards taking into account the realised losses. Any reduction in the outstanding amount of the underlying exposures resulting from realised losses shall reduce the non-refundable purchase price discount, subject to a floor of zero.</p>
<p class="norm">Where a discount is structured in such a way that it can be refunded in whole or in part to the originator, such discount shall not count as a non-refundable purchase price discount for the purposes of this Article.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 270 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An originator institution may calculate the risk-weighted exposure amounts of a securitisation position in an STS on-balance sheet securitisation as referred to in Article 26a(1) of Regulation (EU) 2017/2402 in accordance with Article 260, 262 or 264 of this Regulation, as applicable, where that position meets both of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the securitisation meets the requirements set out in Article 243(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the position qualifies as the senior securitisation position.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall monitor the application of paragraph 1 in particular with regard to:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the market volume and market share of STS on-balance sheet securitisations in respect of which the originator institution applies paragraph 1, across different asset classes;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the observed allocation of losses to the senior tranche and to other tranches of STS on-balance sheet securitisations, where the originator institution applies paragraph 1 in respect of the senior position held in such securitisations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the impact of the application of paragraph 1 on the leverage of institutions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the impact of the use of STS on-balance sheet securitisations in respect of which the originator institution applies paragraph 1 on the issuance of capital instruments by the respective originator institutions.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">EBA shall submit a report on its findings to the Commission by 10 April 2023.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">By 10 October 2023, the Commission shall, on the basis of the report referred to in paragraph 3, submit a report to the European Parliament and to the Council, on the application of this Article with particular regard to the risk of excessive leverage resulting from the use of STS on-balance sheet securitisations qualifying for the treatment in accordance with paragraph 1 and to the potential substitution of the issuance of capital instruments by originator institutions through that use. That report shall, where appropriate, be accompanied by a legislative proposal.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 270a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Where an institution does not meet the requirements in Chapter 2 of Regulation (EU) 2017/2402 in any material respect by reason of negligence or omission by the institution, the competent authorities shall impose a proportionate additional risk weight of no less than 250 % of the risk weight, capped at 1 250 %, which shall apply to the relevant securitisation positions in the manner specified in Article 247(6) or Article 337(3) of this Regulation respectively. The additional risk weight shall progressively increase with each subsequent infringement of the due diligence and risk management provisions. The competent authorities shall take into account the exemptions for certain securitisations provided for in Article 6(5)) of Regulation (EU) 2017/2402 by reducing the risk weight they would otherwise impose under this Article in respect of a securitisation to which Article 6(5) of Regulation (EU) 2017/2402 applies.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The EBA shall develop draft implementing technical standards to facilitate the convergence of supervisory practices with regard to the implementation of paragraph 1, including the measures to be taken in the case of breach of the due diligence and risk management obligations. The EBA shall submit those draft implementing technical standards to the Commission by 1 January 2014.</div>
</div>
<p class="norm">Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1093/2010.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 4 -
External credit assessmentsArticle 270b -
<p class="norm">Institutions may use only credit assessments to determine the risk weight of a securitisation position in accordance with this Chapter where the credit assessment has been issued or has been endorsed by an ECAI in accordance with Regulation (EC) No 1060/2009.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 270c -
<p class="norm">For the purposes of calculating risk-weighted exposure amounts in accordance with Section 3, institutions shall only use a credit assessment of an ECAI where all of the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is no mismatch between the types of payments reflected in the credit assessment and the types of payments to which the institution is entitled under the contract giving rise to the securitisation position in question;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the ECAI publishes the credit assessments and information on loss and cash-flow analysis, sensitivity of ratings to changes in the underlying ratings assumptions, including the performance of underlying exposures, and on the procedures, methodologies, assumptions, and key elements underpinning the credit assessments in accordance with Regulation (EC) No 1060/2009. For the purposes of this point, information shall be considered as publicly available where it is published in accessible format. Information that is made available only to a limited number of entities shall not be considered as publicly available;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the credit assessments are included in the ECAI’s transition matrix;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the credit assessments are not based or partly based on unfunded support provided by the institution itself. Where a position is based or partly based on unfunded support, the institution shall consider that position as if it were unrated for the purposes of calculating risk-weighted exposure amounts for this position in accordance with Section 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the ECAI has committed to publishing explanations on how the performance of underlying exposures affects the credit assessment.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 270d -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An institution may decide to nominate one or more ECAIs the credit assessments of which shall be used in the calculation of its risk-weighted exposure amounts under this Chapter (a ‘nominated ECAI’).</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall use the credit assessments of its securitisation positions in a consistent and non-selective manner and, for these purposes, shall comply with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall not use an ECAI’s credit assessments for its positions in some tranches and another ECAI’s credit assessments for its positions in other tranches within the same securitisation that may or may not be rated by the first ECAI;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where a position has two credit assessments by nominated ECAIs, the institution shall use the less favourable credit assessment;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where a position has three or more credit assessments by nominated ECAIs, the two most favourable credit assessments shall be used. Where the two most favourable assessments are different, the less favourable of the two shall be used;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall not actively solicit the withdrawal of less favourable ratings.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where the exposures underlying a securitisation benefit from full or partial eligible credit protection in accordance with Chapter 4, and the effect of such protection has been reflected in the credit assessment of a securitisation position by a nominated ECAI, the institution shall use the risk weight associated with that credit assessment. Where the credit protection referred to in this paragraph is not eligible under Chapter 4, the credit assessment shall not be recognised and the securitisation position shall be treated as unrated.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where a securitisation position benefits from eligible credit protection in accordance with Chapter 4 and the effect of such protection has been reflected in its credit assessment by a nominated ECAI, the institution shall treat the securitisation position as if it were unrated and calculate the risk-weighted exposure amounts in accordance with Chapter 4.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 270e -
<p class="norm">The EBA shall develop draft implementing technical standards to map in an objective and consistent manner the credit quality steps set out in this Chapter relative to the relevant credit assessments of all ECAIs. For the purposes of this Article, the EBA shall in particular:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">differentiate between the relative degrees of risk expressed by each assessment;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">consider quantitative factors, such as default or loss rates and the historical performance of credit assessments of each ECAI across different asset classes;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">consider qualitative factors such as the range of transactions assessed by the ECAI, its methodology and the meaning of its credit assessments in particular whether such assessments take into account expected loss or first Euro loss, and timely payment of interests or ultimate payment of interests;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">seek to ensure that securitisation positions to which the same risk weight is applied on the basis of the credit assessments of ECAIs are subject to equivalent degrees of credit risk.</p>
</div>
</div>
<p class="norm">The EBA shall submit those draft implementing technical standards to the Commission by 1 July 2014.</p>
<p class="norm">Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1093/2010.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 6 -
Counterparty credit riskSection 1 -
DefinitionsArticle 271 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An institution shall determine the exposure value of derivative instruments listed in Annex II in accordance with this Chapter.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">An institution may determine the exposure value of repurchase transactions, securities or commodities lending or borrowing transactions, long settlement transactions and margin lending transactions in accordance with this Chapter instead of making use of Chapter 4.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 272 -
<p class="norm">For the purposes of this Chapter and of Title VI of this Part, the following definitions shall apply:</p>
<div class="list">General terms</div>
<div class="list">
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(1) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘counterparty credit risk’ or ‘CCR’ means the risk that the counterparty to a transaction could default before the final settlement of the transaction's cash flows;</p>
</div>
</div>
</div>
<div class="list">Transaction types</div>
<div class="list">
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(2) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘long settlement transactions’ means transactions where a counterparty undertakes to deliver a security, a commodity, or a foreign exchange amount against cash, other financial instruments, or commodities, or vice versa, at a settlement or delivery date specified by contract that is later than the market standard for this particular type of transaction or five business days after the date on which the institution enters into the transaction, whichever is earlier;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(3) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘margin lending transactions’ means transactions in which an institution extends credit in connection with the purchase, sale, carrying or trading of securities. Margin lending transactions do not include other loans that are secured by collateral in the form of securities;</p>
</div>
</div>
</div>
<div class="list">Netting set, hedging sets, and related terms</div>
<div class="list">
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(4) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘netting set’ means a group of transactions between an institution and a single counterparty that is subject to a legally enforceable bilateral netting arrangement that is recognised under Section 7 and Chapter 4.</p>
<p class="list">Each transaction that is not subject to a legally enforceable bilateral netting arrangement which is recognised under Section 7 shall be treated as its own netting set for the purposes of this Chapter.</p>
<p class="list">Under the Internal Model Method set out in Section 6, all netting sets with a single counterparty may be treated as a single netting set if negative simulated market values of the individual netting sets are set to 0 in the estimation of expected exposure (hereinafter referred to as ‘EE’);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(5) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘risk position’ means a risk number that is assigned to a transaction under the Standardised Method set out in Section5 following a predetermined algorithm;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(6) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘hedging set’ means a group of transactions within a single netting set for which full or partial offsetting is allowed for determining the potential future exposure under the methods set out in Section 3 or 4 of this Chapter;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(7) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘margin agreement’ means an agreement or provisions of an agreement under which one counterparty must supply collateral to a second counterparty when an exposure of that second counterparty to the first counterparty exceeds a specified level;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(7a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘one way margin agreement’ means a margin agreement under which an institution is required to post variation margin to a counterparty but is not entitled to receive variation margin from that counterparty or vice-versa;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(8) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘margin threshold’ means the largest amount of an exposure that remains outstanding before one party has the right to call for collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(9) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘margin period of risk’ means the time period from the most recent exchange of collateral covering a netting set of transactions with a defaulting counterparty until the transactions are closed out and the resulting market risk is re-hedged;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(10) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘effective maturity’ under the Internal Model Method for a netting set with maturity greater than one year means the ratio of the sum of expected exposure over the life of the transactions in the netting set discounted at the risk-free rate of return, divided by the sum of expected exposure over one year in the netting set discounted at the risk-free rate.</p>
<p class="list">This effective maturity may be adjusted to reflect rollover risk by replacing expected exposure with effective expected exposure for forecasting horizons under one year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(11) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘cross-product netting’ means the inclusion of transactions of different product categories within the same netting set pursuant to the cross-product netting rules set out in this Chapter;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(12) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘current market value’ or ‘CMV’ means the net market value of all the transactions within a netting set gross of any collateral held or posted where positive and negative market values are netted in computing the CMV;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(12a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘net independent collateral amount’ or ‘NICA’ means the sum of the volatility-adjusted value of net collateral received or posted, as applicable, to the netting set other than variation margin;</p>
</div>
</div>
</div>
<div class="list">Distributions</div>
<div class="list">
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(13) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘distribution of market values’ means the forecast of the probability distribution of net market values of transactions within a netting set for a future date (the forecasting horizon), given the realised market value of those transactions at the date of the forecast;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(14) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘distribution of exposures’ means the forecast of the probability distribution of market values that is generated by setting forecast instances of negative net market values equal to zero;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(15) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘risk-neutral distribution’ means a distribution of market values or exposures over a future time period where the distribution is calculated using market implied values such as implied volatilities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(16) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘actual distribution’ means a distribution of market values or exposures at a future time period where the distribution is calculated using historic or realised values such as volatilities calculated using past price or rate changes;</p>
</div>
</div>
</div>
<div class="list">Exposure measures and adjustments</div>
<div class="list">
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(17) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘current exposure’ means the larger of zero and the market value of a transaction or portfolio of transactions within a netting set with a counterparty that would be lost upon the default of the counterparty, assuming no recovery on the value of those transactions in insolvency or liquidation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(18) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘peak exposure’ means a high percentile of the distribution of exposures at particular future date before the maturity date of the longest transaction in the netting set;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(19) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘expected exposure’ (hereinafter referred to as ‘EE’) means the average of the distribution of exposures at a particular future date before the longest maturity transaction in the netting set matures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(20) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘effective expected exposure at a specific date’ (hereinafter referred to as ‘Effective EE’) means the maximum expected exposure that occurs at that date or any prior date. Alternatively, it may be defined for a specific date as the greater of the expected exposure at that date or the effective expected exposure at any prior date;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(21) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘expected positive exposure’ (hereinafter referred to as ‘EPE’) means the weighted average over time of expected exposures, where the weights are the proportion of the entire time period that an individual expected exposure represents.</p>
<p class="list">When calculating the own funds requirement, institutions shall take the average over the first year or, if all the contracts within the netting set mature within less than one year, over the time period until the contract with the longest maturity in the netting set has matured;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(22) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘effective expected positive exposure’ (hereinafter referred to as ‘Effective EPE’) means the weighted average of effective expected exposure over the first year of a netting set or, if all the contracts within the netting set mature within less than one year, over the time period of the longest maturity contract in the netting set, where the weights are the proportion of the entire time period that an individual expected exposure represents;</p>
</div>
</div>
</div>
<div class="list">CCR related risks</div>
<div class="list">
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(23) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘rollover risk’ means the amount by which EPE is understated when future transactions with a counterparty are expected to be conducted on an ongoing basis.</p>
<p class="list">The additional exposure generated by those future transactions is not included in calculation of EPE;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(24) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘counterparty’ for the purposes of Section 7 means any legal or natural person that enters into a netting agreement, and has the contractual capacity to do so;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(25) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘contractual cross product netting agreement’ means a bilateral contractual agreement between an institution and a counterparty which creates a single legal obligation (based on netting of covered transactions) covering all bilateral master agreements and transactions belonging to different product categories that are included within the agreement;</p>
<p class="list">For the purposes of this definition, ‘different product categories’ means:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">repurchase transactions, securities and commodities lending and borrowing transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">margin lending transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the contracts listed in Annex II;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(26) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘payment leg’ means the payment agreed in an OTC derivative transaction with a linear risk profile which stipulates the exchange of a financial instrument for a payment.</p>
<p class="list">In the case of transactions that stipulate the exchange of payment against payment, those two payment legs shall consist of the contractually agreed gross payments, including the notional amount of the transaction.</p>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
Methods for calculating the exposure valueArticle 273 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall calculate the exposure value for the contracts listed in Annex II on the basis of one of the methods set out in Sections 3 to 6 in accordance with this Article.</div>
</div>
<p class="norm">An institution which does not meet the conditions set out in Article 273a(1) shall not use the method set out in Section 4. An institution which does not meet the conditions set out in Article 273a(2) shall not use the method set out in Section 5.</p>
<p class="norm">Institutions may use in combination the methods set out in Sections 3 to 6 on a permanent basis within a group. A single institution shall not use in combination the methods set out in Sections 3 to 6 on a permanent basis.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where permitted by the competent authorities in accordance with Article 283(1) and (2), an institution may determine the exposure value for the following items using the Internal Model Method set out in Section 6:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the contracts listed in Annex II;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">repurchase transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">securities or commodities lending or borrowing transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">margin lending transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">long settlement transactions.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">When an institution purchases protection through a credit derivative against a non-trading book exposure or against a counterparty risk exposure, it may calculate its own funds requirement for the hedged exposure in accordance with either of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Articles 233 to 236;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in accordance with Article 153(3), or Article 183, where permission has been granted in accordance with Article 143.</p>
</div>
</div>
</div>
</div>
<p class="norm">The exposure value for CCR for those credit derivatives shall be zero, unless an institution applies the approach in point (h)(ii) of Article 299(2).</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Notwithstanding paragraph 3, an institution may choose consistently to include for the purposes of calculating own funds requirements for counterparty credit risk all credit derivatives not included in the trading book and purchased as protection against a non-trading book exposure or against a counterparty credit risk exposure where the credit protection is recognised under this Regulation.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Where credit default swaps sold by an institution are treated by an institution as credit protection provided by that institution and are subject to own funds requirement for credit risk of the underlying for the full notional amount, their exposure value for the purposes of CCR in the non-trading book shall be zero.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Under the methods set out in Sections 3 to 6, the exposure value for a given counterparty shall be equal to the sum of the exposure values calculated for each netting set with that counterparty.</div>
</div>
<p class="norm">By way of derogation from the first subparagraph, where one margin agreement applies to multiple netting sets with that counterparty and the institution is using one of the methods set out in Sections 3 to 6 to calculate the exposure value of those netting sets, the exposure value shall be calculated in accordance with the relevant Section.</p>
<p class="norm">For a given counterparty, the exposure value for a given netting set of OTC derivative instruments listed in Annex II calculated in accordance with this Chapter shall be the greater of zero and the difference between the sum of exposure values across all netting sets with the counterparty and the sum of credit valuation adjustments for that counterparty being recognised by the institution as an incurred write-down. The credit valuation adjustments shall be calculated without taking into account any offsetting debit value adjustment attributed to the own credit risk of the firm that has been already excluded from own funds in accordance with point (c) of Article 33(1).</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">In calculating the exposure value in accordance with the methods set out in Sections 3, 4 and 5, institutions may treat two OTC derivative contracts included in the same netting agreement that are perfectly matching as if they were a single contract with a notional principal equal to zero.</div>
</div>
<p class="norm inline-element">For the purposes of the first subparagraph, two OTC derivative contracts are perfectly matching when they meet all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">their risk positions are opposite;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">their features, with the exception of the trade date, are identical;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">their cash flows fully offset each other.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">Institutions shall determine the exposure value for exposures arising from long settlement transactions by any of the methods set out in Sections 3 to 6 of this Chapter, regardless of which method the institution has chosen for treating OTC derivatives and repurchase transactions, securities or commodities lending or borrowing transactions, and margin lending transactions. In calculating the own funds requirements for long settlement transactions, an institution that uses the approach set out in Chapter 3 may assign the risk weights under the approach set out in Chapter 2 on a permanent basis and irrespective of the materiality of those positions.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">For the methods set out in Sections 3 to 6 of this Chapter, institutions shall treat transactions where Specific Wrong-Way risk has been identified in accordance with Article 291(2), (4), (5), and (6).</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 273a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution may calculate the exposure value of its derivative positions in accordance with the method set out in Section 4, provided that the size of its on- and off-balance-sheet derivative business is equal to or less than both of the following thresholds on the basis of an assessment carried out on a monthly basis using the data as of the last day of the month:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">10 % of the institution's total assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">EUR 300 million.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution may calculate the exposure value of its derivative positions in accordance with the method set out in Section 5, provided that the size of its on- and off-balance-sheet derivative business is equal to or less than both of the following thresholds on the basis of an assessment carried out on a monthly basis using the data as of the last day of the month:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">5 % of the institution's total assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">EUR 100 million.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of paragraphs 1 and 2, institutions shall calculate the size of their on- and off-balance-sheet derivative business on the basis of data as of the last day of each month in accordance with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">derivative positions shall be valued at their market values on that given date; where the market value of a position is not available on a given date, institutions shall take a fair value for the position on that date; where the market value and fair value of a position are not available on a given date, institutions shall take the most recent of the market value or fair value for that position;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the absolute value of long derivative positions shall be summed with the absolute value of short derivative positions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all derivative positions shall be included, except credit derivatives that are recognised as internal hedges against non-trading book credit risk exposures.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">By way of derogation from paragraph 1 or 2, as applicable, where the derivative business on a consolidated basis does not exceed the thresholds set out in paragraph 1 or 2, as applicable, an institution which is included in the consolidation and which would have to apply the method set out in Section 3 or 4 because it exceeds those thresholds on an individual basis, may, subject to the approval of competent authorities, instead choose to apply the method that would apply on a consolidated basis.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Institutions shall notify the competent authorities of the methods set out in Section 4 or 5 that they use, or cease to use, as applicable, to calculate the exposure value of their derivative positions.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Institutions shall not enter into a derivative transaction or buy or sell a derivative instrument for the sole purpose of complying with any of the conditions set out in paragraphs 1 and 2 during the monthly assessment.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 273b -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An institution that no longer meets one or more of the conditions set out in Article 273a(1) or (2) shall immediately notify the competent authority thereof.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall cease to calculate the exposure values of its derivative positions in accordance with Section 4 or 5, as applicable, within three months of one of the following occurring:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution does not meet the conditions set out in point (a) of Article 273a(1) or (2), as applicable, or the conditions set out in point (b) of Article 273a(1) or (2), as applicable, for three consecutive months;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution does not meet the conditions set out in point (a) of Article 273a(1) or (2), as applicable, or the conditions set out in point (b) of Article 273a(1) or (2), as applicable, for more than six of the preceding 12 months.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where an institution has ceased to calculate the exposure values of its derivative positions in accordance with Section 4 or 5, as applicable, it shall only be permitted to resume calculating the exposure value of its derivative positions as set out in Section 4 or 5 where it demonstrates to the competent authority that all the conditions set out in Article 273a(1) or (2) have been met for an uninterrupted period of one year.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 3 -
Standardised approach for counterparty credit riskArticle 274 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution may calculate a single exposure value at netting set level for all the transactions covered by a contractual netting agreement where all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the netting agreement belongs to one of the types of contractual netting agreements referred to in Article 295;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the netting agreement has been recognised by competent authorities in accordance with Article 296;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has fulfilled the obligations laid down in Article 297 in respect of the netting agreement.</p>
</div>
</div>
</div>
</div>
<p class="norm">Where any of the conditions set out in the first subparagraph are not met, the institution shall treat each transaction as if it was its own netting set.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the exposure value of a netting set under the standardised approach for counterparty credit risk as follows:</p>
<div class="list">Exposure value = α · (RC + PFE)</div>
<div class="list">where:</div>
<div class="list">
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RC</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the replacement cost calculated in accordance with Article 275; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">PFE</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the potential future exposure calculated in accordance with Article 278;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">α</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">1,4.</p>
</td>
</tr></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The exposure value of a netting set that is subject to a contractual margin agreement shall be capped at the exposure value of the same netting set not subject to any form of margin agreement.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where multiple margin agreements apply to the same netting set, institutions shall allocate each margin agreement to the group of transactions in the netting set to which that margin agreement contractually applies to and calculate an exposure value separately for each of those grouped transactions.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may set to zero the exposure value of a netting set that satisfies all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the netting set is solely composed of sold options;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the current market value of the netting set is at all times negative;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the premium of all the options included in the netting set has been received upfront by the institution to guarantee the performance of the contracts;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the netting set is not subject to any margin agreement.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">In a netting set, institutions shall replace a transaction which is a finite linear combination of bought or sold call or put options with all the single options that form that linear combination, taken as an individual transaction, for the purpose of calculating the exposure value of the netting set in accordance with this Section. Each such combination of options shall be treated as an individual transaction in the netting set in which the combination is included for the purpose of calculating the exposure value.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">The exposure value of a credit derivative transaction representing a long position in the underlying may be capped to the amount of outstanding unpaid premium provided it is treated as its own netting set that is not subject to a margin agreement.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 275 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the replacement cost RC for netting sets that are not subject to a margin agreement, in accordance with the following formula:</p>
<div class="list">RC = max{CMV – NICA, 0}</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the replacement cost for single netting sets that are subject to a margin agreement in accordance with the following formula:</p>
<div class="list">RC = max{CMV – VM – NICA, TH + MTA – NICA, 0}</div>
<div class="list">where:</div>
<div class="list">
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RC</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the replacement cost;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">VM</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the volatility-adjusted value of the net variation margin received or posted, as applicable, to the netting set on a regular basis to mitigate changes in the netting set's CMV;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">TH</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the margin threshold applicable to the netting set under the margin agreement below which the institution cannot call for collateral; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">MTA</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the minimum transfer amount applicable to the netting set under the margin agreement.</p>
</td>
</tr></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the replacement cost for multiple netting sets that are subject to the same margin agreement in accordance with the following formula:</p>
<p class="container-center">
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" width="1326" height="82" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RC</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the replacement cost;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">i</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the netting sets that are subject to the single margin agreement;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">CMV<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the CMV of netting set i;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">VM<span class="subscript">MA</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of the volatility-adjusted value of collateral received or posted, as applicable, to multiple netting sets on a regular basis to mitigate changes in their CMV; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">NICA<span class="subscript">MA</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of the volatility-adjusted value of collateral received or posted, as applicable, to multiple netting sets other than VM<span class="subscript">MA</span>.</p>
</td>
</tr></table></div>
</div>
<p class="norm">For the purposes of the first subparagraph, NICA<span class="subscript">MA</span> may be calculated at trade level, at netting set level or at the level of all the netting sets to which the margin agreement applies depending on the level at which the margin agreement applies.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 276 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Section, institutions shall calculate the collateral amounts of VM, VM<span class="subscript">MA</span>, NICA and NICA<span class="subscript">MA</span>, by applying all the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where all the transactions included in a netting set belong to the trading book, only collateral that is eligible under Articles 197 and 299 shall be recognised;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where a netting set contains at least one transaction that belongs to the non-trading book, only collateral that is eligible under Article 197 shall be recognised;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">collateral received from a counterparty shall be recognised with a positive sign and collateral posted to a counterparty shall be recognised with a negative sign;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the volatility-adjusted value of any type of collateral received or posted shall be calculated in accordance with Article 223; for the purposes of that calculation, institutions shall not use the method set out in Article 225;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the same collateral item shall not be included in both VM and NICA at the same time;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the same collateral item shall not be included in both VM<span class="subscript">MA</span> and NICA<span class="subscript">MA</span> at the same time;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any collateral posted to the counterparty that is segregated from the assets of that counterparty and, as a result of that segregation, is bankruptcy remote in the event of the default or insolvency of that counterparty shall not be recognised in the calculation of NICA and NICA<span class="subscript">MA</span>.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the calculation of the volatility-adjusted value of collateral posted referred to in point (d) of paragraph 1 of this Article, institutions shall replace the formula set out in Article 223(2) with the following formula:</p>
<div class="list">C<span class="subscript">VA</span> = C · (1 + H<span class="subscript">C</span> + H<span class="subscript">fx</span>)</div>
<div class="list">where:</div>
<div class="list">
<div class="list">C<span class="subscript">VA</span> = the volatility-adjusted value of collateral posted; and</div>
<div class="list">C = the collateral;</div>
<div class="list">H<span class="subscript">c</span> and H<span class="subscript">fx</span> are defined in accordance with Article 223(2).</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (d) of paragraph 1, institutions shall set the liquidation period relevant for the calculation of the volatility-adjusted value of any collateral received or posted in accordance with one of the following time horizons:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">one year for the netting sets referred to in Article 275(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the margin period of risk determined in accordance with point (b) of Article 279c(1) for the netting sets referred to in Article 275(2) and (3).</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 277 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall map each transaction of a netting set to one of the following risk categories to determine the potential future exposure of the netting set referred to in Article 278:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">interest rate risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">foreign exchange risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">credit risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">equity risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">commodity risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">other risks.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall conduct the mapping referred to in paragraph 1 on the basis of the primary risk driver of a derivative transaction. The primary risk driver shall be the only material risk driver of a derivative transaction.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">By way of derogation from paragraph 2, institutions shall map derivative transactions that have more than one material risk driver to more than one risk category. Where all the material risk drivers of one of those transactions belong to the same risk category, institutions shall only be required to map that transaction once to that risk category on the basis of the most material of those risk drivers. Where the material risk drivers of one of those transactions belong to different risk categories, institutions shall map that transaction once to each risk category for which the transaction has at least one material risk driver, on the basis of the most material of the risk drivers in that risk category.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Notwithstanding paragraphs 1, 2 and 3, when mapping transactions to the risk categories listed in paragraph 1, institutions shall apply the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the primary risk driver of a transaction, or the most material risk driver in a given risk category for transactions referred to in paragraph 3, is an inflation variable, institutions shall map the transaction to the interest rate risk category;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the primary risk driver of a transaction, or the most material risk driver in a given risk category for transactions referred to in paragraph 3, is a climatic conditions variable, institutions shall map the transaction to the commodity risk category.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the method for identifying transactions with only one material risk driver;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the method for identifying transactions with more than one material risk driver and for identifying the most material of those risk drivers for the purposes of paragraph 3.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 December 2019.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 277a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall establish the relevant hedging sets for each risk category of a netting set and assign each transaction to those hedging sets as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">transactions mapped to the interest rate risk category shall be assigned to the same hedging set only where their primary risk driver, or the most material risk driver in the given risk category for transactions referred to in Article 277(3), is denominated in the same currency;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">transactions mapped to the foreign exchange risk category shall be assigned to the same hedging set only where their primary risk driver, or the most material risk driver in the given risk category for transactions referred to in Article 277(3), is based on the same currency pair;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all the transactions mapped to the credit risk category shall be assigned to the same hedging set;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all the transactions mapped to the equity risk category shall be assigned to the same hedging set;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">transactions mapped to the commodity risk category shall be assigned to one of the following hedging sets on the basis of the nature of their primary risk driver or the most material risk driver in the given risk category for transactions referred to in Article 277(3):</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">energy;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">metals;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">agricultural goods;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">other commodities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">climatic conditions;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">transactions mapped to the other risks category shall be assigned to the same hedging set only where their primary risk driver, or the most material risk driver in the given risk category for transactions referred to in Article 277(3), is identical.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of point (a) of the first subparagraph of this paragraph, transactions mapped to the interest rate risk category that have an inflation variable as the primary risk driver shall be assigned to separate hedging sets, other than the hedging sets established for transactions mapped to the interest rate risk category that do not have an inflation variable as the primary risk driver. Those transactions shall be assigned to the same hedging set only where their primary risk driver, or the most material risk driver in the given risk category for transactions referred to in Article 277(3), is denominated in the same currency.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">By way of derogation from paragraph 1 of this Article, institutions shall establish separate individual hedging sets in each risk category for the following transactions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">transactions for which the primary risk driver, or the most material risk driver in the given risk category for transactions referred to in Article 277(3), is either the market implied volatility or the realised volatility of a risk driver or the correlation between two risk drivers;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">transactions for which the primary risk driver, or the most material risk driver in the given risk category for transactions referred to in Article 277(3), is the difference between two risk drivers mapped to the same risk category or transactions that consist of two payment legs denominated in the same currency and for which a risk driver from the same risk category of the primary risk driver is contained in the other payment leg than the one containing the primary risk driver.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of point (a) of the first subparagraph of this paragraph, institutions shall assign transactions to the same hedging set of the relevant risk category only where their primary risk driver, or the most material risk driver in the given risk category for transactions referred to in Article 277(3), is identical.</p>
<p class="norm">For the purposes of point (b) of the first subparagraph, institutions shall assign transactions to the same hedging set of the relevant risk category only where the pair of risk drivers in those transactions as referred to therein is identical and the two risk drivers contained in this pair are positively correlated. Otherwise, institutions shall assign transactions referred to in point (b) of the first subparagraph to one of the hedging sets established in accordance with paragraph 1, on the basis of only one of the two risk drivers referred to in point (b) of the first subparagraph.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall make available upon request by the competent authorities the number of hedging sets established in accordance with paragraph 2 of this Article for each risk category, with the primary risk driver, or the most material risk driver in the given risk category for transactions referred to in Article 277(3), or the pair of risk drivers of each of those hedging sets and with the number of transactions in each of those hedging sets.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 278 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the potential future exposure of a netting set as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="340" height="61" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">PFE</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the potential future exposure;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">a</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the risk categories included in the calculation of the potential future exposure of the netting set;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn<span class="superscript">(a)</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the add-on for risk category a calculated in accordance with Articles 280a to 280f, as applicable; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">multiplier</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the multiplication factor calculated in accordance with the formula referred to in paragraph 3.</p>
</td>
</tr></table></div>
</div>
<p class="norm">For the purpose of this calculation, institutions shall include the add-on of a given risk category in the calculation of the potential future exposure of a netting set where at least one transaction of the netting set has been mapped to that risk category.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The potential future exposure of multiple netting sets that are subject to one margin agreement, as referred in Article 275(3), shall be calculated as the sum of the potential future exposures of all the individual netting sets as if they were not subject to any form of a margin agreement.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of paragraph 1, the multiplier shall be calculated as follows:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="12%"><col width="3%"><col width="85%"><tbody><tr><td rowspan="2" valign="middle">
<p class="tbl-norm">multiplier =</p>
</td>
<td rowspan="2" valign="middle">
<table width="100%" border="0"><col width="100%"><tbody><tr><td valign="middle" align="center">
<img src="./../../../../resource.html?uri=celex:02013R0575-20230628.ENG.xhtml.l1.jpg" width="16" height="80" alt="left accolade"></td>
</tr></tbody></table></td>
<td valign="top">
<p class="tbl-norm">1 if z ≥ 0</p>
</td>
</tr><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="135" height="34" alt="image"></p> if <p class="container-center">
<img src="data:image/jpg;base64,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" width="19" height="14" alt="image"></p>
</td>
</tr></tbody></table></div>
<p class="norm inline-element">where:</p>
<div class="list">Floor<span class="subscript">m</span> = 5 %;</div>
<div class="list">y = 2 · (1 – Floor<span class="subscript">m</span>) · Σ<span class="subscript">a</span>AddOn<span class="superscript">(a)</span>
</div>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="4%"><col width="4%"><col width="92%"><tbody><tr><td rowspan="3" valign="middle">
<p class="tbl-norm">z =</p>
</td>
<td rowspan="3" valign="middle">
<table width="100%" border="0"><col width="100%"><tbody><tr><td valign="middle" align="center">
<img src="./../../../../resource.html?uri=celex:02013R0575-20230628.ENG.xhtml.l1.jpg" width="16" height="120" alt="left accolade"></td>
</tr></tbody></table></td>
<td valign="top">
<p class="tbl-norm">CMV – NICA for the netting sets referred to in Article 275(1)</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">CMV – VM – NICA for the netting sets referred to in Article 275(2)</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">CMV<span class="subscript">i</span> – NICA<span class="subscript">i</span> for the netting sets referred to in Article 275(3)</p>
</td>
</tr></tbody></table></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">NICA<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the net independent collateral amount calculated only for transactions that are included in netting set i. NICA<span class="subscript">i</span> shall be calculated at trade level or at netting set level depending on the margin agreement.</p>
</td>
</tr></table></div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 279 -
<p class="norm">For the purpose of calculating the risk category add-ons referred to in Articles 280a to 280f, institutions shall calculate the risk position of each transaction of a netting set as follows:</p>
<div class="list">RiskPosition = δ · AdjNot · MF</div>
<div class="list">where:</div>
<div class="list">
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">δ</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the supervisory delta of the transaction calculated in accordance with the formula laid down in Article 279a;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AdjNot</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the adjusted notional amount of the transaction calculated in accordance with Article 279b; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">MF</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the maturity factor of the transaction calculated in accordance with the formula laid down in Article 279c.</p>
</td>
</tr></table></div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 279a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the supervisory delta as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for call and put options that entitle the option buyer to purchase or sell an underlying instrument at a positive price on a single or multiple dates in the future, except where those options are mapped to the interest rate risk category, institutions shall use the following formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="453" height="69" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">δ</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the supervisory delta;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">sign</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">– 1 where the transaction is a sold call option or a bought put option;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">sign</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">+ 1 where the transaction is a bought call option or sold put option;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">type</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">– 1 where the transaction is a put option;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">type</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">+ 1 where the transaction is a call option;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">N(x)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the cumulative distribution function for a standard normal random variable meaning the probability that a normal random variable with mean zero and variance of one is less than or equal to x;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">P</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the spot or forward price of the underlying instrument of the option; for options the cash flows of which depend on an average value of the price of the underlying instrument, P shall be equal to the average value at the calculation date;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">K</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the strike price of the option;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">T</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the period between the expiry date of the option (T<span class="subscript">exp</span>) and the reporting date; for options which can be exercised at one future date only, T<span class="subscript">exp</span> is equal to that date; for options which can be exercised at multiple future dates, T<span class="subscript">exp</span> is equal to the latest of those dates; T shall be expressed in years using the relevant business day convention; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">σ</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the supervisory volatility of the option determined in accordance with Table 1 on the basis of the risk category of the transaction and the nature of the underlying instrument of the option.</p>
</td>
</tr></table><p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-3abbca17-36a3-4156-8bf1-9543a961f23a">
<span class="italics">Table 1</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="13%"><col width="57%"><col width="31%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk category</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Underlying instrument</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Supervisory volatility</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Foreign exchange</p>
</td>
<td valign="top">
<p class="tbl-norm">All</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
</tr><tr><td rowspan="2" valign="top">
<p class="tbl-norm">Credit</p>
</td>
<td valign="top">
<p class="tbl-norm">Single-name instrument</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Multiple-names instrument</p>
</td>
<td valign="top">
<p class="tbl-norm">80 %</p>
</td>
</tr><tr><td rowspan="2" valign="top">
<p class="tbl-norm">Equity</p>
</td>
<td valign="top">
<p class="tbl-norm">Single-name instrument</p>
</td>
<td valign="top">
<p class="tbl-norm">120 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Multiple-names instrument</p>
</td>
<td valign="top">
<p class="tbl-norm">75 %</p>
</td>
</tr><tr><td rowspan="2" valign="top">
<p class="tbl-norm">Commodity</p>
</td>
<td valign="top">
<p class="tbl-norm">Electricity</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Other commodities (excluding electricity)</p>
</td>
<td valign="top">
<p class="tbl-norm">70 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Others</p>
</td>
<td valign="top">
<p class="tbl-norm">All</p>
</td>
<td valign="top">
<p class="tbl-norm">150 %</p>
</td>
</tr></tbody></table></div>
<p class="list">Institutions using the forward price of the underlying instrument of an option shall ensure that:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the forward price is consistent with the characteristics of the option;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the forward price is calculated using a relevant interest rate prevailing at the reporting date;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the forward price integrates the expected cash flows of the underlying instrument before the expiry of the option;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for tranches of a synthetic securitisation and a nth-to-default credit derivative, institutions shall use the following formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="363" height="66" alt="image"></p>
<p class="list">where:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="7%"><col width="4%"><col width="89%"><tbody><tr><td rowspan="2" valign="middle">
<p class="tbl-norm">sign =</p>
</td>
<td rowspan="2" valign="middle">
<table width="100%" border="0"><col width="100%"><tbody><tr><td valign="middle" align="center">
<img src="./../../../../resource.html?uri=celex:02013R0575-20230628.ENG.xhtml.l1.jpg" width="16" height="80" alt="left accolade"></td>
</tr></tbody></table></td>
<td valign="top">
<p class="tbl-norm">+ 1 where credit protection has been obtained through the transaction</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">– 1 where credit protection has been provided through the transaction</p>
</td>
</tr></tbody></table></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">A</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the attachment point of the tranche; for a nth-to-default credit derivative transaction based on reference entities k, A = (n – 1)/k; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">D</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the detachment point of the tranche; for a nth-to-default credit derivative transaction based on reference entities k, D = n/k;</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for transactions not referred to in point (a) or (b), institutions shall use the following supervisory delta:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="3%"><col width="2%"><col width="95%"><tbody><tr><td rowspan="2" valign="middle">
<p class="tbl-norm">δ =</p>
</td>
<td rowspan="2" valign="middle">
<table width="100%" border="0"><col width="100%"><tbody><tr><td valign="middle" align="center">
<img src="./../../../../resource.html?uri=celex:02013R0575-20230628.ENG.xhtml.l1.jpg" width="16" height="80" alt="left accolade"></td>
</tr></tbody></table></td>
<td valign="top">
<p class="tbl-norm">+ 1 if the transaction is a long position in the primary risk driver or in the most material risk driver in the given risk category</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">– 1 if the transaction is a short position in the primary risk driver or in the most material risk driver in the given risk category</p>
</td>
</tr></tbody></table></div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of this Section, a long position in the primary risk driver or in the most material risk driver in the given risk category for transactions referred to in Article 277(3) means that the market value of the transaction increases when the value of that risk driver increases and a short position in the primary risk driver or in the most material risk driver in the given risk category for transactions referred to in Article 277(3) means that the market value of the transaction decreases when the value of that risk driver increases.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in accordance with international regulatory developments, the formula that institutions shall use to calculate the supervisory delta of call and put options mapped to the interest rate risk category compatible with market conditions in which interest rates may be negative as well as the supervisory volatility that is suitable for that formula;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the method for determining whether a transaction is a long or short position in the primary risk driver or in the most material risk driver in the given risk category for transactions referred to in Article 277(3).</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 December 2019.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 279b -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the adjusted notional amount as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for transactions mapped to the interest rate risk category or the credit risk category, institutions shall calculate the adjusted notional amount as the product of the notional amount of the derivative contract and the supervisory duration factor, which shall be calculated as follows:</p>
<p class="list">
<img 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lsnn5IiIgoiCiImGczwrMulnUPE8ytMibNtr8aOFxdZNBjvP7IsuCp8V3A+Cm2RtoqIqKiKbSlW7NOsvs2e4VbMux83it1xaU2keb4OAokoGBJ/tCYkK7KqKqboqpsqhhPS7TWBnPV1mmIEvgcXh3K5O3KBDeKML8NmYiNxhQE24d3sKo+rsIKoqJCK1oDqt0Jwe5aQXe94zjVlx+8WCM5cGXYEYIgPNNpyebcRsNj3bElHdN0NB9YRU96s6cb3FtXXfnUGQ28Tt5nXqFHVtEURMZSyFU91TYeDBp5bruo+W26ppPqkya1YvoJl0i6O8fH2162RWxIUN1+Q2TQIKEqctuSmSJuqABqiLttQU/7m/lEq44FkmJyEecas05qTHdcfUhEJIlu0AKnqChsmfkuyq6S7Iu6rGemGJFk9cmpj0iMy87FdvD0c3G0ImTW4ACkCr8kuBmO6eexEnsVak3ub+LyrdgWSZZIV5tq8zmo0dpxhREgjCW7oGq+uKm8YeSbIrRJuq7okS0TkT8Q90By6yXG3fHX6Tc2xXvj8U06XjmnfV3QuTbYJx3RU7nnsoqNBtmqA6jupD3ns4h4z+hnpvxNtCd4j0n4fjyddDhx7R77drfff9/s8vO/6UGM/hz/8Lvt//p6fDn/4Xfb/AP09bMpQZm0S6rffK1PtGFfoF6K9I97/ACv0v3u322HHfkdkd9+G3tTbff8A3VM+tr9mLLv7F99Yq5qpnra/Ziy7+xffWKDM3S5rJlWmmll3jWvSe9ZVaQuT06VdozrrceNsw0hgZCwYpxFtDVVJNkJN0RPNefSmAXVPral91HvlsZG2wdysNujvtOOxmSDYUcVFEWicfJSJXSd3UkFBFRILf9zi/Uhef5kf+7RqoDqJxm66DdR0bKcVa8JAkSUu9n4iQMJuXx8Re2gJwQlIVbBfJlxtFX1qD6MUrxsGya1ZliFqymyO92Bc4wSGtyFSDdPNs+KqiGJbiSIq7EKp+6vZoMgal+/R8MmJ6H98D9CvTdp5+E8Z6N7HCP39+PxXDfuc/wB3yt/31r+lKDxs5xm1ZliF1xa9td2Bc4xx3dhFSDdPJwOSKiGJbEKqi7EKL+6sQZz0/awaOZU9lelE+53S3Nu/EO2w1WcDPNshakMIid8VPbdAExJG1IxBPVTVnUdqv7z2Dw8m9A+m/E3IIPh/GeH48mnT58uB77drbbb9/t8vOf2K6QL5Y4F7tb/iIFwjNyorvAh7jTgoQFsSIqbiqLsqIv8AGgzN0s9UP6aXRnDNRChQr49wbttxaHtNTj4oPbcTfYHiJFVFHYDUuKCKoKHqasAaufor8PWx/ot85LV6U7fa7Pju+33e32//AOvPl63d7u9b/oMD+6HS5UDX3H50GS9FlxsfjPMPsuKDjRjKkqJCSeYkioioqeaKlb4rCfVbEi6j9ZeO4QzGuZCy1b7VcVjtoriAbhSHXW9uXqgy/wAlIh2RQJVTim67soFYz+HP/wALvt//AKetmUoMZ/Dn/wCF32//ANPT4c//AAu+3/8Ap62ZSgrPpx1X9+HB5mTegfQnhrkcHw/jPEcuLTR8+XANt+7ttt+72+flZlKUCqZ6y86n4HobPl2ebNgXa6SWrbClRUHkyR7m4XJV3Ddpt0UIdyQiFU2X1kuas5+6GWufcNBGJcNjus2y9x5UwuYp22lbdZQtlXdfjHmx2TdfW39iKqBVnRvn2h2mOFPXPJclZj5hc3XElEtqlOORY4lsDCGAEKivHuqo7bqYoW/bHav3MjwiwdYdkynTO82yFisi7xD7jbDjDMNl7i1LAxkAKNiqE8vq+qAmPFR47DpnoMzGwXXQ+2YpHnsjerM7LGRCceBHiAn1dR4G0JSVr48A5qiJyQk/gq2blurWBYxmtlw2531kr7d5wQm4cf45yOZiitq+I7q0JKbYjyTdVcRduKGQhEuqbRS1arYg9NiRe1l1sjGVrktcUKRsikkVxSVEUCLdEVVTgRckXZTEs26a9SOXYjpHL0sSx3M85gupbLA8Ucn3AUneJMvNGXJHWt1BsUEk3RsFBEBeeuNdNV8b0kxAr3ez8RNf5N222tmguzXURPJPbxAd0UjVFQUVPJSURLGeoWjGqzWmg65X+XenM1O5LcLgyJbSIcNAFWpCoPEmTaIPNsN+2BN+TXaNEDU3SzopatKcQZmy4vdy65xgK6SXeKlH3RCWK2oqqIAlsiqirzIeSrsgCOZtUsK/Srr0uOHWmR6FZuklrxjkM/DkrB28HZnFRFU5uNq9vuioROLy8iJa1B0rawRdWcCRZHeHI7M0yxeRcBEF0yFUGQCiKDxc4GvFERQVCTbbiRZ/yW9xbB7pS1OmNvONOzokIUaRFLnJtrccFXdU9VDdFV/fsi7Iq+ShfOp3TrpxkWmkrG7BidlstzYjf5rnx2UZdB8AVG+88gkbgKvkfPmqoql8tBJKG9zayiU1lWUYWaPORJMEbo0qvr22DaMWj2b225OI8G5IqLsyKLv5bbGznJrVhuIXXKb272oFsjHId2IUI9k8mw5KiKZFsIoqpuRIn76xz7m1i8p3KsozQ1ebiRoI2tpFYXtvm6Yuns5vtybRkNxRFXZ4VXby3Du9WsSLP60NMoM6MzKiSWrSy+w82htugVxeQhIV8iFUVUVF8lRa2lWJuuiRPxHqL0+1Act3ioEONGcYHviHiHYkw3nGt/NR9V1r1lHb1/LfZUTbNBTPU1rp7y36P/8Awt6d9M+J/wDz/huz2e1/+mfLfu/7tuP79/Kmfhz/APC77f8A+nrZlKDGfw5/+F32/wD9PXtYJ1lfpRnFhxn3uPCel7lHg+I9N8+13XRDnx7CctuW+26b7e1K1lSgV8x+k3Nb/geotwu+OYJc80lvWhyMcCApo42CvMkrq8G3F4ooCPsRNzTz/cv04rAHucX677z/AC2/95jUHDqRqfkvUNntr00vxWzT61t3dsAiSo78iT4tSGP2zIW91dFXHeIqjIJuqGW6CVbl06xCzYFhVsxHHweG3W5pQaV5zm4akSmZkv8AtEZES7IiIq7IiJsiZT90S00/7O1StMT/AGbfeu03/wD8Hy4h/wCLRGZf/QFEq5uj3Uv3x9IIfpCX3r/ZONvuXNzk45xT4p8tzI15htuZbcnAd2TZKC5qyBqX79HwyYnof3wP0K9N2nn4Txno3scI/f34/FcN+5z/AHfK3/fWv6UClKUHzt6kGbzJ64pEfHJbMO9O3e0BbpDybtsyFYio0ZIoluKHxVfVLyT2L7Kk3VDYOpO1aXFI1Eze2X7HCnMhKj2lngor6ygbyhGb+KQ0FPWJU5k35b8VTzNZP9IZB/mSxf8ALiVv+ghmhP6kMD/lu3fdm6mdUNpDrtK1E6iMqwi2M2xzFbVBdegzWhVX5BtOsNEXcFwmyaIjcIVEUVR4L5eaVfNBgfROXKje6DXdmPJeZalZBfWZANuKIvAiSTQTRPlDzAC2Xy3EV9qJW+Kwn0hRIue9XGU6gRo1zat0V24XWIatoggcp0gbaeVOQoStPPKgoW6q2qoqoK77soFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoMD6Jy5Ub3Qa7sx5LzLUrIL6zIBtxRF4ESSaCaJ8oeYAWy+W4ivtRK3xXzz6Zrh+l3W7+lNohTSgS7ldrmvNr1o7DzcjgrvFVQfWdbHffbkSIirum/0MoFKUoFKUoFKUoFKV0rJdrVfLWzdLJc4VzgP8u1Khvi805xJRXiYqqLsSKi7L7UVKDu0pSgUpSgUrhny4sCC/OnSWYsSM0Tz77ziA20ApuRES+QiiIqqq+SIldLG8hsGSwTnY5fLZeYjbqsm/AlhIbE0RFUVIFVELYhXb27Kn8aD06UpQKVDNbcF98rTC74V6U9Fekez/lfh+92+2+278jkO+/Db2ptvv/urxunHSj3nsHmYz6e9N+JuRzvEeD8Px5NNBw48z327W++/7/Z5eYWZSlKBSlKBSlKBSuGfLiwIL86dJZixIzRPPvvOIDbQCm5ERL5CKIiqqr5IiV0sbyGwZLBOdjl8tl5iNuqyb8CWEhsTREVRUgVUQtiFdvbsqfxoPTpSlApSlAqs82170nwvJ5eM5NlfgLtD4eIj+j5TnDmAmPrA2oruJCvkq+3+NWZWM/dNP6vv7y/wtBr+xXSBfLHAvdrf8RAuEZuVFd4EPcacFCAtiRFTcVRdlRF/jXdqGaE/qQwP+W7d92bqZ0ClKUClK8a65ZitpvkSxXTJbLAu0zh4WDJnNNyH+ZKAcGyJCLkSKKbIu6oqJ50Hs0pXmR8hsEnIpOOR75bHr1FaR6Rbm5YFJZBeKoRtIvIR9cPNU29Yf4pQenSlZZ6ZNZss1E6i8xskjJPSeIsRp0qzteBaZ4tDMaFgt0bFz+iPbY138/PzoNTUpVAdOPTf7z2cTMm/TP034m2nB8P6M8Px5OtHz5d099u1ttt+/wBvl5hf9KUoFKUoFK6V7u1qsdreul7ucK2QGOPdlTHxZab5EgpyMlRE3JURN19qold2gUpUT1lv7mLaTZXkMe4s26XBtEl2HIdUOISO2SMoiH6pErigiCqLyVUTZd9qCJandROlOASJUC5ZB6Su0byct1qb8Q6hdxWyBS3RoDFUJSAzEkRPZuqIsg0U1QsGrOKycjxyHc4sSNOOEYT2wBxTEGzVUQDNOOzg/v33RfKqG9zosXirHl+odxlePu1yuXgSekN85A8BF501eJVIu6T4KSeW6tCqqq7baM04wLE9O7G9ZMOtPoyA/JKU414h17k6QiKlu4RL8kBTbfby/wDGgk1K8yRkNgjZFGxyRfLYzepTSvR7c5LAZLwJyVSBpV5EPqH5om3ql/Ba9OgUpSgUqgOtvVK+6a4PYv0Svvoq/wBxuS8P8kB7uRW2i7v9IBAmxmx/Al38vLlVs6T3SffNLMSvd0f8RPuFkhSpTvAR7jrjAEZbCiIm5Kq7IiJ/Cgk1KUoFKUoFK6V7u1qsdreul7ucK2QGOPdlTHxZab5EgpyMlRE3JURN19qolLJdrVfLWzdLJc4VzgP8u1Khvi805xJRXiYqqLsSKi7L7UVKDu0pSgUpSgUpSgUpSgUrpRLtapl0nWuJc4Uifb+342K0+JOxu4PJvuAi7hyFFVN0TdPNKXu7Wqx2t66Xu5wrZAY492VMfFlpvkSCnIyVETclRE3X2qiUHdpSlApXmXjIbBZp1vg3e+Wy3S7k72YDEqWDTko9xTi0JKimW5imw7ruSfxSvToFKUoFKUoPn11njKwPqwh5lBeZly3mrffGGXmlRts2C7QtlsW5iqxUJVRRXY9v3br9BawB7o7+u+zfy2x95k1v+gjOp2C43qNiErF8oheIhP8ArNuAqC7GdRF4utFsvEx3Xz80VFUVRRVUXNkzofsB5EL8PPrmzZe62pRHYAOSVBNuYo+hCKEvrbF2th3TdC289c0oK5030bxHT3ArpieLOXOEV1acCXdxfFLiSkJCJo6Iogk2hLw2FEFfPZSIlKGYr0tYXjmews3h5dnL16izvGk+/cmSKQaluaOkjKEYubkJ+tuSESKvnV80oKz1u0ZsmrngWckyTJokCDuTUC3SGW45OrundJCaJSPivFFVdhTfiiciUuDRTRCwaTTpL2OZNlsqJJaMTt0+eBxEMlbVXkaBsE7uzYjz9vFVSrTrxs2/Sr9GJf6FehfT/qeE9L93wnyx58+16/yOW23+ttv5b0GE8D04i6m9Wmpdoevdzscu3zrrcrdPgGguMSm54i0a7+aiKucthUC3RNiH21b8vpJuuRXSC5qBrVk2UQInc4sOsl3Q5j59tx551A3IQVfUXdB28vJUjOmnTrr7gOoaZ1a8qwyZdj73ivHXCc4EzuovPvcWhJz1lQ/MvliJLuqVsyg8zFbBZsWx2Fj2PW5m3WuC12o8dpPVBPaqqq+ZEqqqqSqqkqqqqqqq1mDrf00vse+WnWvBYm1ysnB26ky2BG32CQ2JfbUPjOGyiakpbADfq8BNU1lSgr/QvVfG9W8QG92Q/DzWOLdytrhoTsJ1UXyX2cgLZVE0REJEXyQkIRsCqmk9PenAah2jOrBDm4tdrZJGRxsjyRo8nZBHtm1xURBRFRJG+HJHD5bqu9WzQKUpQKrPW7RmyaueBZyTJMmiQIO5NQLdIZbjk6u6d0kJolI+K8UVV2FN+KJyJSsylBVmimiFg0mnSXscybLZUSS0Ynbp88DiIZK2qvI0DYJ3dmxHn7eKqle1rLpViOq+OtWfKYzyFGd7sSbFIQkxlXbkgEQknEkREIVRUXZF25CKpOaUFZ6I6M2TSPxzON5Jk0uBO2J2BcZDLkcXU2TuigtConxTiqouxJtyReIqNmUpQKUpQQbWvS+was4rGxzI5lzixI04JoHAcAHFMQcBEVTA047OF+7fdE86pK1dKOVY74uHh2vWTY/aXZJvtw40d0Nt9kRTVuQAmfERRT4jvxTyRNkTU1KCoNGunXTzS3InchsyXO53Qmu0xIujrbpRUXdDVpAbBBIkXZSVFXbdEVEIkKWav6j43pniE2+Xy4QgkhGdcgQHZCNuz3RRERptERSXciBFJBVAQuRbIirUzqoLn05aaXfVGfqDfotzvU6Y6LxQp81XYgODw2JBVORD6m3bMibQSUUBBQUEKf6McOvedah3jqCzE+T0mTJbtjSo8nxpogm62pFsrLbZEwA7mnyk9VWk31/SlApSlApSlApSlArhnxIs+C/BnRmZUSS0TL7DzaG26BJsQkK+RCqKqKi+Sotc1KDKea9E+I3GckjE8tudhaN1w3Y8qOM1sUJUUAaXk2QiPmnrkaqm267oqrY2hfTng+lV0G/RHZt6v/hhZ8bO4cWCUVR0mGxH4vnuqeamSD6qFspcrmpQUNqD0tYXneVTMjyPLs5lS5LpkAHcmTbjARkaMtIbJKDQqZcQ32RFqxsw0/ZyfTRrA5eU5NGheGaiypseU342a0AcSF502y35+SmqIKl5ovqkQrM6UFDafdLWF4JlUPI8cy7OYsuM6BGAXJkG5ICYmrLqAyKm0SgPIN9lRKobVLCrVqJ1/wBxw69yJseBcO13XIZiLo9u1A6nFSEk+UCb7ovlv/41uW++lfQc/wBBeC9LeGc8D43l4fv8V7fc4etw5bcuPntvt51kD4Ouvvvv++l+lWGen/SXpD/tCd2/b/Qf0XPs8PiuHL+j9Xfagk116UcqyLwkPMdesmyC0tSQfchyY7p77boqgrkgxA+JEiHxLbkvkqbougNMcFxvTnEIuL4vC8PCY9Zxw1QnZLqonJ10tk5GWyefkiIiCiIKIiezYvSvoOB6d8F6W8M347wXLw/f4p3O3z9bhy348vPbbfzru0FQdWelTmqmlzsO0xmXMjtjqS7URkDamvscZUyFdhMP3biimDSkqIK1DOjHWCLeMdi6UZT3rbmGPtFDZYlgjRSmWd0QBHiPF1oBQCbVOSoHPcvX4aSqs9XdC9ONTucm/wBm8Ldi2/ztblRiWu3BPWLZRd9VtATuCfEVXjxVd6CzKV0rFb/RNjgWvxs2f4OM3H8VNd7kh/gKD3HD2TkZbbkuybqqrXdoFKUoIzqdhzOeYhKxeXfL1Z4Uz1ZTlqdbbdea2Xk0pGB7AW6ckTZVROKrxUkWrNPulrC8EyqHkeOZdnMWXGdAjALkyDckBMTVl1AZFTaJQHkG+yolXzSg8zKrBZspx2bj2Q25m42uc12pEd1PVNPaioqeYkioioSKiiqIqKioi1T+mPTJh+nOXxcoxfLMzjzWPVcbOXGJqS0qpyadHsJyAtk8vJUVEJFQkRUvOlApSlApSlBnmZ0l4XNyIcjmZ3qNJvQutvDcXbuyclDb2QCR1WOXIeI7LvunFNvZXtT+neLPgvwZ2sOsEqJJaJl9h7JUNt0CTYhIVa2IVRVRUXyVFq7KUFQaKdPWF6TZVJyPHLnkEqXJgnCMJ77JtoBG2aqiA0C8t2x/ftsq+VR/rC1tgYBg8zHcdusJ7LrlyhqyzKJJFtaNrcpCo35gaCQdvkoqqmhpyQCRb5nxm5sF+G8TwtPtE0ZMvGy4iEmyqJgqEBefkQqiovmiotVZo7096caXXT0xZIc24XgeYtXG5vI66wBigqLaCIgPki+sg89jNOXFdqDxejLSh7TTTQpt3Djf8i7UyY2oONlGaQPiY5ie2xhzcUvVFUI1FeSAiredKUClKUCuGfLiwIL86dJZixIzRPPvvOIDbQCm5ERL5CKIiqqr5IiV4uot6vOOYVc75j+NPZNcYbSOtWtl/tOSEQk5oJcS3JA5EgoKqSjxRFVUrE/UhjOuuU6Xe+lqLMZgW4HYihjEUjabgNl3G0fdaMvVd5m2m27jmz6oXbRvggbrsl2tV8tbN0slzhXOA/y7UqG+LzTnElFeJiqouxIqLsvtRUru1TPRL+zFiP8Abfvr9WBqpmMDT/Ty9ZjcQ7rNsjK4LW5J3nVVBaa3ESUebhAPLZUHluvki0HdyfLMVxfw/wCk2S2WyeJ5eH9Izmo/d47cuPMk5bch329m6fxrmxvIbBksE52OXy2XmI26rJvwJYSGxNERVFSBVRC2IV29uyp/GsgdGWn8XVa85Jq7qaLOUSynLDYanojrZPdsSdNxlR4KIg40LY/JFOWwpxbVIzrdYZXTN1AWLL8EaeiY5cGhNuC3JXi6DagMqGZOE4RCXqHzIdhV0eKbtoqBvildKxXSBfLHAvdrf8RAuEZuVFd4EPcacFCAtiRFTcVRdlRF/jXdoK51x1kxHSCDbJGTt3OS7c3XAix4DAuOEjaIpmqmQigpyBPlbqppsiohKk5sVw9LWOBdPBTYHjIzcjws1rtyGOYoXbcDdeJjvsSbrsqKlYt1KEtd+teJhLzz0vFcddWPIBlp/tgDA85XcTkPAjeTw6ujxTbtbcth5af6hNQ/ev0ou2WstQpE9rtsQI0p7gL77hoKJsnmfEVJxQHZVFsvMfMkCT5PlmK4v4f9Jslstk8Ty8P6RnNR+7x25ceZJy25Dvt7N0/jXSsmoWA3y6M2uyZxjNznv8u1Fh3Vh51ziKkvEBJVXYUVV2T2Iq1lPpH0qb1YnXrV7VqM9kLsqcI28ZpGLchxtUVx0gQUFxodgaAEVW0QXQUNhHb2es7QDF42BSs9wPHGbXcba6L1yjQBIWXovFAIhYEVECb2E1UeA8e6Rcl2oNc0rPPQ1qredRMCuNnyWS9OvGOustLNcH1pEdwS7SmXJVN1FbcQiVE3TgqqRKS1oagUrpXW7Wq0+E9KXOFA8ZJCJF8S+LfffPfg0HJU5GWy7Cm6rsuyV3aBSlKBUTn6m6bQJz8GdqFiUWXGdJl9h68xwcaMV2ISFT3EkVFRUXzRUqWV87ev+wWaxa6tO2e3MwiutoauE1Gk2F6QTz4E4qexCJGx3223Xcl3IlVQ2/77Gln0l4Z9exvx1JrJdrVfLWzdLJc4VzgP8u1Khvi805xJRXiYqqLsSKi7L7UVKqb4LmhPzG+1pv51ZZ07G66G9ZLGEwrhNlWl29swXIzc4gCSxJDjGN9EFBcNoZImqcduYkgqiLyoPoZSlKBSlKBSlKBSqAw3pv8A0d6hn9W/0z8V3blPnejfRnDbxIvJw7vdX5Pd9vHz4+xN/K/6BSuGfLiwIL86dJZixIzRPPvvOIDbQCm5ERL5CKIiqqr5IiUgS4s+CxOgyWZUSS0LzD7LiG26BJuJCSeRCqKioqeSotBzUpSgUpSgUpSgV0r3drVY7W9dL3c4VsgMce7KmPiy03yJBTkZKiJuSoibr7VRK7teZlVgs2U47Nx7IbczcbXOa7UiO6nqmntRUVPMSRURUJFRRVEVFRURaCP++xpZ9JeGfXsb8dS2fLiwIL86dJZixIzRPPvvOIDbQCm5ERL5CKIiqqr5IiV82pGNWbRDqojWrNbQzd8VizlUUuDHeaegPiQA+SK1s6TSHyJBDZXGSEfZun0Szm6Y3ZcQutyy9+EzYGoxpPWYCG0TRJxUCBUXny34oCIqkpIKIqqiUHi++xpZ9JeGfXsb8dTOsNdKWjVq1Pzi9ap5NjHo7E/STsizWftj4SQZOmSt+webLPqhsgIBl6vsAwXctApSlApSvMxvIbBksE52OXy2XmI26rJvwJYSGxNERVFSBVRC2IV29uyp/Gg9OlKUCulfbpAsdjn3u6P+HgW+M5KlO8CLttNipGWwoqrsKKuyIq/wrp2rLMVu18l2K15LZZ92h8/FQY05pyQxwJAPm2JKQ8SVBXdE2VURfOvM1niSp+j2aQYMZ6VLk4/PZYYZbU3HTKOaCIinmRKqoiInmqrQYz9zfiSj1hv04IzxRGcfcZdfRtVbAzkMKAqXsQiRs1RF81QC29i1visZ+5l/1g/3b/iq2ZQfO3RSbZteeoiTcdarqy80/BPwMM5vhGHHldbbZiNeshcU7pkIAXIiHkqkqnyuy+dJ8a06z4pmOnUuFbrHb7lEmT7ZOkPETXZdAlVg1Q1PmIr6pqmxewtiRAaodNunGrfpPMdMcuhM3aRJdclORpqT4EmUXN00NRIiaMicb3UVURHbZtVXeq50gzzWDRjW2yaR5o89crRLnMW9qNKdVxsWXiBlmREeJOXaHimzfydkMVED3UQtrrz07xe66V3PUSRFeHI7M1EYjym3yQSZKSgK0YKqio/HmW6IhboPrbboss6Jf2YsR/tv31+nW1+zFl39i++sU6Jf2YsR/tv31+gybluLWLC+uWy4zjMHwFph5JZfDx+6bnDmkYy9Y1Ul3IiXzVfb/CtDdeeneL3XSu56iSIrw5HZmojEeU2+SCTJSUBWjBVUVH48y3RELdB9bbdFpLWT/SGQf5ksX/LiVpnra/Ziy7+xffWKChum7Sa8606R2uHm99udqwaxOvsWW320ey5MkE6Tjstw3AITEe6bQqiL5oaJwVD7lf6lY5l3S1rbEuWKXV56DIaV+3yH2i7cqOpbORJCIiC4Q7DyQV9ituJ2yUUHWfQ7LiyemjGmY8ll52K7MZkA24hEyaynTQTRPklwMC2Xz2IV9ipVM+6Yy4pzsDghJZKWy1PedYRxFcADWOgEo+1BJWzRFXyVQLb2LQaG1n1XgYZoa/qPZDhXDxcaO5Zm5RkyMopHHtrxXYy2AldUE2JRAk3HzVM/9MOisDV213PVrWApuQyb3JcCG05JJoTECQSfVWTQk2ISaFv1RAW12FUUOPd6xLXPsfR7pzZLox4efb5NsiymuYl23W7e+JjuKqi7Eipuiqn8K5ulPRDRzPdD7LkF+x1m63onZLNwdbukkCAxfPgJg26ggXaVpdtkVUIV/fuoQbCnck6ferWDp1bbpepuJ3O5MMNxZRK01KamI2Av8dlAjaPiKuAgqasEO4Iqikz90MwLE7fibGoEO09rJbne48WZN8Q6vcaSK6iD21Lgnky35oKL6v8AvXe2WenLQmz3S3yGcY9Hzykp4BwL7NadV8BJ1O0qPovMRbI/V80QFX9yrUM90d/UhZv5kY+7SaCv9EtAPfh0VtF7ynKZtuhMRnouM262+tHhcXHBefeF3dXDdfQnCESHyREQkHgDUnsXSu9H6fL5jOVMwrrlkWTOuGPPWqc4ItuuR46C2quiALzOMIlzFUQV3QhXzSzOiX9mLEf7b99fq5qDBvuc9rxO4ah3uXdGO7ktsjNyrMXN1O20qOsyS2FeC+TzI7Huvrbj7FVO719YtYpmr+K2/F4PPNcj/wDnw7pp4jkrMeH5mvaDdW3R9Xb2bl7UWuDJHHNFuvMLq869Hst/nJJdckTwabcjzlUXnHCHyRpqQrhoJonkwKqvsOp105+M1Z6osw1gmf5ZYLL3LdYJC+IbBN/UbVoT8v6DuE4CqmxyULgiknEPM6junbTrBOnOXfrVAeHI7M1CR64tyXUGaZOtsukbRmYgJdwj4jsqKgoi7botv9Ev7MWI/wBt++v062v2Ysu/sX31inRL+zFiP9t++v0GU9FJtm156iJNx1qurLzT8E/Awzm+EYceV1ttmI16yFxTumQgBciIeSqSqfK7L50nxrTrPimY6dS4VusdvuUSZPtk6Q8RNdl0CVWDVDU+YivqmqbF7C2JEBqh026cat+k8x0xy6EzdpEl1yU5GmpPgSZRc3TQ1EiJoyJxvdRVREdtm1Vd6rnSDPNYNGNbbJpHmjz1ytEucxb2o0p1XGxZeIGWZER4k5doeKbN/J2QxUQPdRC+esvVqfpdp5Eax2X4XJbzJ7cF3tifYaaUSed2MCAvJQb4lsvxvJN+K1ANC+nGxZzpoOaasyL1fMlyeMMhmU/cTV2EwoKLBiaGSOGrfA/jOSInAOCcS5eL7pp/V9/eX+FrSfT7LizdCsFehyWZLQ4/CZI2nEMUNtkAMVVP9YTEhVPaiiqL5pQZAgXC89LXUoxjT1+ub2BS3RkGy89u27EfTgsgmgQ/jWjb2UhETcRjZEET2qc+6GYFidvxNjUCHae1ktzvceLMm+IdXuNJFdRB7alwTyZb80FF9X/eu9f+6Df546g7Ra7R/nCeNkixFixfjXUfOQ+QNcB3XmQuNqg7bqhiqJ5pVze6O/qQs38yMfdpNBX+iWgHvw6K2i95TlM23QmIz0XGbdbfWjwuLjgvPvC7urhuvoThCJD5IiISDwBqT2LpXej9Pl8xnKmYV1yyLJnXDHnrVOcEW3XI8dBbVXRAF5nGES5iqIK7oQr5pZnRL+zFiP8Abfvr9XNQYN9znteJ3DUO9y7ox3cltkZuVZi5up22lR1mSWwrwXyeZHY919bcfYqp3evrFrFM1fxW34vB55rkf/z4d008RyVmPD8zXtBurbo+rt7Ny9qLXBkjjmi3XmF1edej2W/zkkuuSJ4NNuR5yqLzjhD5I01IVw0E0TyYFVX2HUz6fGbjq91UZPrHIlvO49j7rsGxuAjoNOoQm00Ii4K7D2SN1wUUFRx4C4ohKlBobRrTmxaX4PGxmxN/7L06RyP/ACuV2gBx/iZlw5dtF4CvFP3V3dVMxgaf6eXrMbiHdZtkZXBa3JO86qoLTW4iSjzcIB5bKg8t18kWpNVM9bX7MWXf2L76xQUZ0+YfdepTJ7zqHq7Pm3OwW+SUe32lqSTURHzAVMGxE+bQNh2V8tlcJRUjJRNCg3Wzo/i+l2RWGdiPei26+NPotvcMnRjGx2kUgcMlJRPuIvEt1RULZdlQRvP3N+XFPR6/QQkslLZyBx51hHEVwAOOwgEo+1BJWzRFXyVQLb2LUS900/q+/vL/AAtBoDAMWsWadNOH4zk0Hx9pmY3a/ER+6bfPgyyY+sCoSbEIr5Kns/hWbOiyyRca6tM+xyC485EtUG4wmDeVFcIGp7ACpKiIilsKb7Iib/uStWaE/qQwP+W7d92brM3Sx+29qr/fH/qTNB7XujuLWL9B7Nmvgf8AP/pJi1+L7p//ACvaku9vhvw+X58tuX7t9vKpn0uYtYs06O8dxnJoPj7TM8V4iP3Tb58Lg6Y+sCoSbEIr5Kns/hXi+6O/qQs38yMfdpNTPol/ZixH+2/fX6DHWD4zcU6sLzg2BTGcekHd7pbLfcDJ03LZHAnUcNpULcnfDg42Kkq+Z77iXFwL5+CF+jOqeHZNguQ9602u5Rplxj3l3/KPiXwNVZJppBLkKKnEkHZR+UqF6tZaN/6Qyd/Ml9/5cut/0GYNWtHNRdWeoSRFyq4XOLpVGabci+HuLQIpjGRPi2dj+N7zjm5uBvwQkQtuCVWXWDofi+k9ptOoGATbnZ3Tu7UYYaSCMY59onAdZdVe4BITJKvIiVVNFRRQdlnV91r1Q1V1fn6d6GyrLaYVs7jjt6l9t7vgyqgbiKqOB2TM20BAAjX1SUhEiEYL1m6c57jeGxcpy7V255g1Lu7MZLc5B8JGaPsOqjoNA6TYkgtqnqgirzJVXdV3DQ2LxGdf+nHGXrvkWTWrx8ZEub9sfbiOzHWxcjSAcQRIFZM+4XDZEVOG6J8msm6L6KYrmnUXmunN0uF6ZtNh8f4V6M80Mg+xMBkOZE2oruJKq7CnnttsnlWsuiX9mLEf7b99fqmelj9t7VX++P8A1JmgtOw9KOltrxW9Y487kFyiXV1l9TlTRRyK8yD4NutK0AJyRJDnkaGKrtuK7VVnuZf9YP8Adv8Aiq2ZWM/cy/6wf7t/xVBLeurWW84LBtWG4hdXrberk0cqdJZTZxmIqG0IipAuxGfNUMCQwVn93JFrmw3pLw246eNlqCV6l5rdNptzuoz18RHfcUTNofWNo9l5CRkhqSkZIqbig0z7o7+u+zfy2x95k1vmBLiz4LE6DJZlRJLQvMPsuIbboEm4kJJ5EKoqKip5Ki0GIOnbK8k0W6jpOjeVXqbLsD0lbZEadcUmmXXC7kV9tse52+93ERQEhRFf3Nd2/LzPdAtO8XxDKrFkePxXosvJXZ79zBXycbceE2zV1EJVUSJXy3RF47COwp578Gpf+evdDInof/OXbyS08/CfG8ew3H7+/Hfbt9tzn/s8C322Wpn7pp/V9/eX+FoPTxPpmi6oadWnLs0y25sXi4WhlbNGtxIUG0wuynhI6A6hOGICqKXripKpbkRbunE/c3cmurecZHh3d52mRbVufbMiXtPtutNbgm/FOQu+su269tvz2HZdZaE/qQwP+W7d92brGfucX677z/Lb/wB5jUG/6qDqywWLmGk17nTL9kEBqx2ibNGFAmI1GmmDaOgkltRXuCJsiqexU3LZd13S36hmu36kM8/lu4/dnKDHXSb09YXqzp1cMjyO55BFlxru5CAID7INqAssmiqhtGvLdwv37bInlVs616Oai5TlWC6eWC4XNnSq22iHCujq3FppTRk15q4CJydd7bTPDdsgE1RUQUU1rm9zi/Uhef5kf+7Rq4dZdcs3u2srWi+jSWxq8E74eXeJJNui08KI64jaKpAgtgJo5yEyVeYiCEKKQQzql6acCwnSOTmWKP3OFLszUVp9l57vtzkJ0WicLfZQdVXBJVFUDYNkbTlul2dGmdT880NgS7xNmz7ta5LttmypSDyeINjbLki7ns040KkWxKQkq7r6y0z1O6ZarRNHblmGca0Tb34ONEbl2SLA8NCdIpDY7fFmIHxNzkhk1yXgPkOycZn7nF+pC8/zI/8Ado1BXOQZDlHUv1EStOIt8et2AWx19JQ2qWJtyorDqJ4gl3QXiccRpA8jFtDEkEtjIva6kek2KsG3XPRqxPJLR3sTbUs5FbIFQiSQjkh3cSRUQFHdUVCFUQeJKVf+51y4sbXW4MyJLLLsrH5DMcHHEEnjR5g1EEX5RcAMtk89hJfYi19BaDAHU3oszgmiGHZXdL3k03JV8DapUS5XBuTHgj4Z1w2GeI7iAOAqCiGooirtvvvVjaa9Imm2S6dY1kc695a3LutoizXwZlR0bE3WRMkFFYVUHcl23VV2/etSD3R39SFm/mRj7tJq5tCf1IYH/Ldu+7N0FJ9dWst5wWDasNxC6vW29XJo5U6SymzjMRUNoRFSBdiM+aoYEhgrP7uSLXNhvSXhtx08bLUEr1LzW6bTbndRnr4iO+4ombQ+sbR7LyEjJDUlIyRU3FBpn3R39d9m/ltj7zJrfMCXFnwWJ0GSzKiSWheYfZcQ23QJNxISTyIVRUVFTyVFoMQdO2V5Jot1HSdG8qvU2XYHpK2yI064pNMuuF3Ir7bY9zt97uIigJCiK/ua7t+XS90FwLE8RvmO3vHrT4KfkMm5Srq74h1zxDvJguWxkqD6zprsKInrf7k26Wpf+evdDInof/OXbyS08/CfG8ew3H7+/Hfbt9tzn/s8C322Wpn7pp/V9/eX+FoOe3dM0rU/Sa3ZhecteZyebaI52GG0Sra7bCRsViw1E0J1RQPJTQt0I1JUdJCJzQvTvhV1070dsWHXuRCkT7f4juuQzImi7kh11OKkIr8k033RPPf/AMa7uhP6kMD/AJbt33ZupnQKzzlmJ9WEnKrtIxzU3EodldnPHbo70YFcZjqaq0BKsMtyQOKL6xeae1fbWhqybnetvUlac4v1rsWkXj7TDuUiPBlfo5cHO+wDpC25zBxBLkKIu4oiLvunlQez+hvWT9LGGf8AlW//AGNP0N6yfpYwz/yrf/sahnv+9U/0K/8A2vcvzae/71T/AEK//a9y/NoNAaF2bWW0emPfbyyy5B3ex6N9HNCHZ27nd5bMNb77t7fK+Svs/fZlUz0y5/qnnP6Qe+XhX6M+C8N4D/NcmH3+fd7n9ORcuPBv5O23Lz9qVc1BE9VtO8X1NxVccyuK8/EF3vsGy+TTjD3AwF0VRdlIUcLZCQh39orXz56SsSuue5xdcOt939CQp9tUr3OYUklnbhdBHYrP+ondMmeSknkIe1RU23PplWAPc4v133n+W3/vMag8bqv0dtWh18xS44df70Xj+842UlwUkRn45NkjgOtoG2/dHZOKKKgq8l3RBuayaASdc8QZ1N1Oym9Rspv0YpFvYh9nwVvikirFbFteSkHFUcVEMCXuKhbHyMvF900/q+/vL/C1pnQn9SGB/wAt277s3QZT9z9l5RYNYct07ucl5iJEgyHpltVwXG2prMhlkiRU3RC2IhVRXYkQd9+I7XN1fYlq1m8HG8c03kPR7XLdkN34wnBGb4EjYN91d0cNrib/ACAEJFT2iqoNVZ0sftvaq/3x/wCpM1YHU9rxfcTy+2aYabw4U3Lrr22zkPmBjEN9VBlsRUkRHlJRPd31BFQVRND9UIzrD0n6cWPSC7XawS71Eu1htsud4t+Qj3je2iu8Hg2QU2EVAVbQNuW5Iapsvs+5751PyTTS6YvdZs2ZJxyS0MZx9BUW4boL2mhLfkvEmnvIvkioCi7IiD5mqulmt8/Sa8XvOdc3idtVonSZNqtNuRmNJAWyJWjcbJnuiYAiLzbVB5EiIqbqUf8Acy/6wf7t/wAVQVz1WaFN6RZFDyyxsM3HDJ04QCFKePlGe8z8MaiQuG0QgfExJCREVCVCQTOxuonUDTjO9DcG0806g+lp93kxY9jheORt2zmzxYEJAkarzIXFaHmqgSKbiGvEVK7ernOMXw7Rq6x8hg2y8SLu0sWBZ5pEgyz3Hc9g9ZBa3RxSRRVFEEQwIgWsc6Uv3Xp21yxu4Z3YoSM3O2sPOHIAldgxZWyE+I8VNt5pRcAwUeSoLoJ5Gh0Gv+mrQSxaR2tu4vOekMukxiZn3AHTRoQMgJWGgVUTgJNj65DzJd19VFQBs3MsrxvDbG5e8pvUK0QG907slxB5kgkXAE9pmoiSoAopLsuyLXpwJcWfBYnQZLMqJJaF5h9lxDbdAk3EhJPIhVFRUVPJUWozqtp3i+puKrjmVxXn4gu99g2XyacYe4GAuiqLspCjhbISEO/tFaDLNqiReprqwPJ4sZmRgeJNR2XHHm0ApgCTjjQk0fLmLr3d3RRFOyOxcTVEXaVYt0avd/0J6nHdIL9dbnIw+5u+GsoSXTcaaR41OK62nb+URkTLnbQA7hmpKvbStpUETn6m6bQJz8GdqFiUWXGdJl9h68xwcaMV2ISFT3EkVFRUXzRUrg99jSz6S8M+vY346jN96cNGL5fJ97umG+In3CS5KlO+k5Y9x1wlIy2F1ETclVdkRE/hXS+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjp77Gln0l4Z9exvx1DPguaE/Mb7Wm/nU+C5oT8xvtab+dQTP32NLPpLwz69jfjqWwJcWfBYnQZLMqJJaF5h9lxDbdAk3EhJPIhVFRUVPJUWqf+C5oT8xvtab+dVs2K1wLHY4FktbHh4FvjNxYrXMi7bTYoIDuSqq7CiJuqqv8aDJvWr79Hvp2z3uffA9E+hGu96B8Z4fv99/ly7Pq8+PDffz24/u2rX9KUCqZ62v2Ysu/sX31irmqmetr9mLLv7F99YoHRL+zFiP9t++v062v2Ysu/sX31inRL+zFiP9t++v1z9ZsSVN6aMwZhxnpLotRniBptTJAblMmZKif6ogJEq+xEFVXySggvucX6kLz/Mj/wB2jVDPdNP6vv7y/wALUt9zflxT0ev0EJLJS2cgcedYRxFcADjsIBKPtQSVs0RV8lUC29i1BfdLrpAevmEWRt/lPiRpkp9rgXqNPE0LZb7bLuTDqbIu6cfPbdNw1NoT+pDA/wCW7d92brn1jy9vAtLsiy4zZF23QTOMjzZm2cgvUYAkD1uJOkArsqbIu6qieadzTWySsa06xrHJzjLku1WiLCfNlVVsjaZECUVVEVR3Fdt0Rdv3JWYPdBchn3y+Ybo/ZYHiJ9wktXBOfEe464TkaO2BqaIm5K9y5Iif0aoXyqDu+5xYZ4HEL/nUuNxeukkYMInYnEkYZTk4bbq+ZAbhoKonlyj+aqqbD0vdLrpPZseEWRt/jAlyZkp9rgPrusi0LZb7bpsL7qbIuy8vPfZNtP6cYvFwrArHicNWSatUFqMTrTCMi8YinN1QRV2Iz5Gvmq7kqqqr51nn3R3GfSGmlgylpqa69Z7kUdztDyabYkB6zjnlunxjLIou6Jue3mpJsFgdEv7MWI/2376/VgasWuffNLMtslrY8RPuFkmxYrXMR7jrjBiA7kqIm5KibqqJ/Gqs6DL3FuvTnbIMdt4XbNOlwpCuIiCRk6shFDZV3Hg+Ceey7oXltsq2B1AX9vGNEsxvJ3F63OtWh9qNJZU0cbkOirTCioesJd0wRCTbZV3VURN0DIHub8uUGsN+ghJeGI9j7jzrCOKjZmEhhAJR9ikKOGiKvmiGW3tWol1fYFielus9ugYvaf8ANMi2x7g5bpUh1xpS7rrZN8uSO8CRpFX1+SKRbEKbIls+5r4t/wDi3NZEH/6NrhS+7/8A6yG+CL/+1Xkqf7hX5SVDPdHf132b+W2PvMmgsDVbpfZc00yTUHL84vV1z5i2v3SfJRWyhOutAritA2oIaAgD2xVCFE2RUBERG07vubmTXW4YhlOLS3e7As8mPIhciIib8QjvcbTddkDkyhIiInrG4q78vK/9dv1IZ5/Ldx+7OVmb3Mv+sH+7f8VQen1u6nZRJyq3aI4Q6yj96aZbuBx5Qo+8b5qDcIlVURkSTgRbqikLgovEFLn3dQekjCLdolMCwhc5OYWuCcsbi13HHLk82JGrPh0JRQT+SKAnIVQN1PYkOmepCNZpvXFIh5GTI2V+72hq4k892W0jkxFR1SNFTgPBS3LdNk890rVnwXNCfmN9rTfzqCGdAeo+SZpiGQ2PJrhNusmySWXGZ8yQrrptSEcVGiVU5LxJo1QiIl2cQfJARKpn3R39d9m/ltj7zJrX+lul+muAXS6PYHbvASS4xbi01dZD4oSCLgi42bhChoJiSKqckFzy8jXfIHujv677N/LbH3mTQWnlXVHqTZsdm3KZ0+ZBZWmmthn3JyQkZgy9UCc3jBuPNRTjzFV32RUVd6hnQ9jFmy/VGTqfeM7ZmZhHdlzn7IzG7Tm8jk2UhwlERIV7jiqDKKgqbSqQ78K2/XztyONZsY684EHByZt1uaym3MoFue2bbV1WRlMpxX1R5m8BNpsiIpBsiJxQLN90P07xeDYYepMKK8xkNwu7UKc6j5E3IDwx8VUCVUEhSOCJw4oqKXJCXZU0LpPa4F86dMSsl0Y8RAuGIwosprmQ9xpyGAmO4qipuKqm6Ki/wqpvdHf1IWb+ZGPu0mrm0J/Uhgf8t277s3QYm6frXAsfXglktbHh4Fvvd5ixWuZF22m2ZQgO5KqrsKIm6qq/xq5vdDs6yTG8QsOL2Sb4OFkfixuTjaKjrjTSM/FIW/kBd1eSJ5kiIO/FSQqm0b/0hk7+ZL7/AMuXWv8AW7HdOM0scHDtQ7lCi+kJKlaW3LkkWQcpBVoSYRSTuGPe8hVDHch3Fd0Sgo3S/px0az7QS2SbXI55HKtrSyrzGuJSDhzibB02zZE0aTgpoCtqKFw23VCXnU50E0GLGtEr3ptqSFsvMS63dZrrUCU+jZAgx+CKezZoSGxv5eW23mu6pVDanaAaj6GSJWoemGUzZdsg/GPFH3bmx2EcU1R5tNwfZFAaU19i+ak2gCqppPpH1MvOqWkyXnIWGRulvnHbZD7XqjKUG2zR5QREQCVHERUTy3RVTiioIhn/AKLLJFxrq0z7HILjzkS1QbjCYN5UVwgansAKkqIiKWwpvsiJv+5K9r3Q/TvF4Nhh6kworzGQ3C7tQpzqPkTcgPDHxVQJVQSFI4InDiiopckJdlTg6WP23tVf74/9SZqZ+6O/qQs38yMfdpNBBtA9Aour2kdhv2b5Hc4tnjNORrBarO8gNxQF00kOuK8Lm7rzwma7eSIiIi8eDbcS6RJN10/6tbhp5EuHjIEiTcLTNIhIBe8KjptvI2hbIfJlUTflxFxxE9u9aZ6Jf2YsR/tv31+szaN/6Qyd/Ml9/wCXLoNM9Xeq8/SrTRuXYThen7rJ8HC75ipMDwInJAtL/ScNhHz9VCcBS3T1Sqzp+6ZsXyzS79LtTEudzyHKWinNvrOIXIYO8lbeQhJUddNCR1Vd5JuoioIqHy8z3TT+r7+8v8LU60a6e9Dsp0mxTIZGLM3GXOtEZ2ZIau8ricjtijyKgPcRJHENFFETiqKmybbUFZdKN/y7TnqUnaK3O43OfZVdmQo7EpSabZVpHJDcppouXAXAEl4iqISPISqXEd/M6u8rn5b1NW/TPJr16Nwq3XK3tOI04LIti+20T0lwz3HmIumiEScQFPZ5mpaZxjQbRjE8vttysNg9GX+PzlQlbvUtHVEFEXCQFe9cE7giSKiiqOIJeRbL5muOkulusuRP2yZkDMTObdBQBWFPE5MdlORAj0VSXdrm+JquwEu4ohoi0EF1X6S8EyjEIVw0jKFZZ68X2XXJ78mFPYNEVFU1JxR2H1hMN0XdUVF5IQep1JX/AC7R7pTxez2a4sxbwjUGwS5sZSUm0GIfcNgl2USVWdkNU3RCVUQS2UaFyez619Kd8jybTf8AxeNTpJdo2xJyBJJCRe2+yXk08bbQ7qK8uPJAcXiW2xr/AHXAs30StM7Uly2WnHsmgw5LsefdPDN8zEJANI9ybVSRR38tlVAXy23Sgzz0r6HaNaiaKtzbwPpHKH+/44491IZFs5OONs7NAXENxb7g90C5KpL5jsKWn0m6JX/RudmAXe7Wy5RLq7GSA7FU0cUGVf8AWdAhRAJUcFeIkaIu6brsirTOqHSjl2BvO5ho/k1zllAaN0YqOEzdG04CJIy40iI6RITqqKI2vHYURwl87Z6JtYMo1Rx2/Qcu7Mq42N1hUuDYC0UkH+6qCbYCgoQdtU5Dsioo7puikQc/XRpz+mmkDl/hN8rti3cnN+ttziqieJDzNBTYRFzfYi+J4im51mbG8+zLWTB8F6f2ZHZcW5IxJmNNIG9uYaBWUJEcEXe0KPmQKicuyxsqnyVfoxWAPc4v133n+W3/ALzGoNzYNjNqw3ELVi1ka7UC2RgjtbiKEeyebh8URFMi3IlRE3IlX99ZG6lcxyjV3XiLoDjE9mLYgnNMznorwuLJMQR143fWFFGOiH8Ty3U2l3VS4IG0q+cGPWHF8n637xj+ZNMvWWdlN3ZeadkkwLhqUjtChiQkhK720REXdVVE899lC4Oo3pvxPCNKBzPThu9W6/4x2pLjzD7rzssRMEJ4l3+KNvze5toIignuKJsoWn0V55ec+0SYlZA89LuNpnO2x2Y87zclIAg4Bl5J6yA6IKqqSkoclVVJa5vguaE/Mb7Wm/nV7VhtOl+ienmRZBjbfgbBG7sia21dHJAG+ypNE22jzqgLymPa2RRUjQRLzFEQKS0l6c8ozfIrll3UcVzuE4XUbgwDu4mLgL3CPl2VXttIbiK2DRgiKJ7jxVEWrM/s7PS91LY+9jN/vT1ncjRpkwCFspDkM3iCRHL5IO8kZIh3QdlUPYQIdW1pRmvUFrzdJuRY3k9lwHEYkkoao3AamuqaCriIguiquGgmyJEpNAqKiiKqhJWeerLCr/geotvtGR53c80lvWhuSE+eho42CvPCjSc3HF4ooEXtRNzXy/eobf6pcCxPLtLL7e8htPjZ+PWS4yrU74h1vw7vY5ctgJEL1mgXYkVPV/3rvkbpB04larQckxeVe3rNirDseTexgGoy7kao4kVpVLk2jTZC658ndSJN0LYCa2/rt+pDPP5buP3Zysze5l/1g/3b/iqCwOnfp3uukes99yJm9QrhjUm2uw4CGRJNHm6y4iOigIHqo2Q8hL1vJeI7qg6MpSgwng5SulLqInQsqZua4TfmnGIc5t1XGyZR0SakGIiiOOtJuBigoQo6ZChIQoeuffY0s+kvDPr2N+Osm3K83Xqy17LDmr56KwGx92a03H5IcphtwWu+iEKbvOdwePNERoCLyJeSOX/8FzQn5jfa0386gqDSnSzqZ0VnJBxE8Sv9rvDu0th6Y4USCaKCeIIS7TiFx3Re1zUhH1hVRbqWYloBn181yj6pav5TZbk9b5LciFbrZ3yaHhzJpsVLtqyDTnbNE2PmvLn5kSlpmlBE9YMHi6j6bXnC5k56A1cmgQZLQoRNGDguASivyh5gO47oqpuiKKrumTNNdH+qrTi8y8Zw282y2WeY6jz1wWUw/BU0b35I26BPCS+TaqLSKqiO+4ihJt+lBkDI+lPMLXqBjOV4JkFlnzbX2J9wmZDKk9243MJJvG8YgB7AW7abIaLsK7qpbmVgdUf6VfA7yL9NfQvp/wDyXxfoju+E/wC0GuHDu+v8jjvv/rb7eW1X/Wc+uC85VcMEd05xTBcmvj118PIlzodpdkRW2AdI+2Lja7o93GWlVFFU4Ev71TYKm6Zo/URiWlES76Z2LGclsGQyX5SRpjqC7CdaPsGRcnGf6TtpsiE4mzaL6iqvKTYboJqhqPq+3qNro5CiRo0lDGzi63I7gNqJNRxAVNoIu5EhIpEZbHum7iuVM+h+85Vb8Ea05yvBcmsb1q8RIiTplpdjxXGDdE+2Tji7q93HnVREFE4Cn70XfRlBH9RcQs2e4Vc8RyAHit1xaQHVZc4OAokhgYr/ALQmIkm6KiqmyoqbouQLbop1N6QznmtMMhZululOvfFxZTItom4cXXY8vZsXTER8w5qiCo8ttuW36UGZtL9DdR77qHbNQ9dss9MSbX2plqtMaSvCNK2BdzEBFpvgrbaqLO4uGKKRKiKhyDqy0v1J1Zg2/HMcmYlFx6M63NM57kgJayhR4FRFADDtcHB/dy5IvntV80oKg6Y8M1J06xJnC8uLEpNlgNGtvk2uRIWShm8bhi6LjYiQr3F2IVFR4oioXLcbfpSgzb1vaNZFqTBx284XamZ96t7rkWSyissuOxzTkJK64Y+q2YKiB5+b5Km2y72zoPp/F0y0utGKMiyUtlrvXF9pEVH5R+bpckEVIUX1BUk5cABF9lTmlBUHVPgeoepOFR8Rwu54/At0p3neFuROC46gEBsg2oNnsPNFIvJF3EERdlJF6XS9gerGm1mHEcuueJT8YitPHAWATxS2njcE+CqTYCrXm8XmilyJE34oiJdlKDHWlOlnUzorOSDiJ4lf7XeHdpbD0xwokE0UE8QQl2nELjui9rmpCPrCqi3UsxLQDPr5rlH1S1fymy3J63yW5EK3Wzvk0PDmTTYqXbVkGnO2aJsfNeXPzIlLTNKCDa46Z2bVfAn8WvD70UkdSTClteZRpAiQi4o7ohjsZIor7UJdlEtiSjNJcA6n9JoMfE7DKwa+WWW646Jz5Mhxi1KiKSomyNuILpL8kBcRCRVVA5ERaspQZm0d6b8kg6r++lqxlcLIr+3JOQ1HjtK60bvBBbdI3AHbh63BsARAUGlEkQeNSDqy0v1J1Zg2/HMcmYlFx6M63NM57kgJayhR4FRFADDtcHB/dy5IvntV80oKg6Y8M1J06xJnC8uLEpNlgNGtvk2uRIWShm8bhi6LjYiQr3F2IVFR4oioXLcbfpVTdUeRaj4vg9oummNtm3K7De2RlRY1tWZ3YvadIxMBFSEFIW0UhUSTdEQkVaCn/dJbJYFxXF8jNxlrIRnFCaBFAXJEVQIzVU25mLZoG2y8RV8t03NKvPpswNzTjRqxY3MZZbunaWVclbaASWQ6qmQmoqSGQIotc913Rsdtk2RKT0rwnVzVzV+y6o6xW70JZrDs/abOYOR93xVUFQYU+41s4AukbvmfFsUQm1ThrKgV0r7a4F8sc+yXRjxEC4RnIsprmQ9xpwVEx3FUVNxVU3RUX+Fd2lBhrGNCepHSjOJDGml4hHAuXFl66NvsJH7XdVAJ+O+iqhiPrLwBxRQyESLckWTaj9Mmpuc2Nm7ZJlllvmdyJI+KuEqW6xEhQ2hIW40dptjYuZH3DJRDYhRBFVIzLX9KCudBrJqTjWKs45nrmJORLVBiQrSdkWQrhA0CgSvq6iIpbC3txRE35eSeVZ51l6dNULJq/J1N0huPjJMu5FcAa8U2xLiPuqZu/wBJxacZ3VU2Vd1FzgQEiES7MpQZNv8A0+aral4JNumqOXQrjmqRmWbDENzswrWJOtuPk72G0EniFDb9USHyT1j9RW5/oJhWtGneCOYdOkafyIFvtsv0M4ycwnSnOOq634hVEU7PIz5cEQtuO371q86UGOsa6etc7BrK7qpDuenLl6dnS5pMOvzVjc5KOIaIKNIXFO6W3rb+Sbqv79fwClHBYOcyyxLJoVfaZdV1sD29YRNRFSFF3RCURVU89k9lc1KDHVx6cdYMQ1luOYaS5Lj9piXCdI8PxVWRhx3UJxWnWFaNsmhJBbFBQ/NGz4jsqhzaj9OGteo9jZn5vqJZbvksSSLMJnkTMBiGokrpbNx0VXic7aeQJ6rfmReqga/pQVN0wYVn2neCJh2YyMZkQLf/ANluWo3ydLuOuuvd5XBFPlGPHiieW+/7lqjNW9BNWMX1ye1K0bc9IvXCTJnc3HYouwH3uSOgovqgOASOnxVEVUTdFTcUM9mUoKGwvBOoS0Y7l90u+ptsuuYXZppi1sO8itcNB4oUhB7KcHeCnsINoCkiE4jm/qQzpx0O1s0gypyRFveDSbLc3Y4XiObslxwmWz3U2l7I7OoBOoO5cVU/WRdkVNWUoKm6m9GIGsWIMxhl+Av9r7jlplGRdpCNB5tOim+4HwD1kRSFRRU3TkBVzgGK9VuF46Gn9uuODS7cxBJYV8nPvPFDRfUGO36qEpB8sebJgibDyVEQE0/Sgzz01dOsrTvKpWd5pkDOQZVKadFOAK43HNw1Vx5HnU7jjpjsnPYFRDdFefLevG6p9DtWNX81jyIN7xKNjlsa4WuPIdebfFXBBXjcUWS3JTFETYtkEB8kVSVdP0oKswKyavY1ok1jhOYM5lVqajwrOaLKWCUVoWQRX12RxXeIu/IRB34eSedUz079PWr2k2orORs3PBpUSS0MK4gb8o3Eik80bqtIjQJ3dm/V5Lx3XzStc0oFVz1B2DUPLMClYtgEnH4RXVpyNcpd0ecQgjkPEm2hFo0UjRSRSLbim+yKRIQWNSgzn0oaRap6QXS42+93PGbjjVz2cdajT5KuxnxFURxoCaQF5JsJouyqggvL1OJRnWfp31Hd1yf1R0qvVltjz8mPIBtCWM7HfLi08aogEDgKnJ1zfzNDcHga+R6ypQZNzbQTXnUjGJcPUbUuy3GTC4OWSHFTsxFfIxRxyQoRwVeLSGgIgkvI19YE5Ic56TdL9SdJoNwxzI5mJSsekuuTQOA5IOWkokZBEVTAA7XBsv3cuSp57VfNKDJuunTpmUHUstVdFLj2Lwckp0iCcpG3UlGaczZNz1CA0MyNtxUHbkichNGx4IGlfUrqnBYsusOYs2nFVnCc+Az4VJb4AnIVHwzfbIVJdkRw9hIeagXEUXXNKCptd9GIGoGjETALJL9D+huy5ZkMiNoSYaJptp1V3NQUCUeSKpIuxetsolQ2l+lHVUGJNYKeUs4LjEV0EREkMFJQDeJ1wmXIyE4pIW6qJOtoXJB34qu20qUFQdRmiUXVnAoNtcuzw5HZmiW2XKSqILpkIo4L4Nig8XOAqpACKCoiim24FX+AYr1W4Xjoaf2644NLtzEElhXyc+88UNF9QY7fqoSkHyx5smCJsPJURATT9KDPPTV06ytO8qlZ3mmQM5BlUpp0U4Arjcc3DVXHkedTuOOmOyc9gVEN0V58t68zqq0U1T1hyeF6PuGGRLBaO56N770kJZd0Ge73tmzBdjaXjx29VfPdfZpmlBX+hNnz7G8HiYznQ4yfomNHh26RZn3y7jDbSAiPC6CbGnFF5Cuxcvkjx9awKUoFKUoFKUoFKUoI/qKzl0nCrnHwSXbIeRutIEGRcUJWGVUkQjVBEtyQOSjuJJyQd0VN0rM3Tv09avaTais5Gzc8GlRJLQwriBvyjcSKTzRuq0iNAnd2b9XkvHdfNK1zSgzN1VaKap6w5PC9H3DDIlgtHc9G996SEsu6DPd72zZguxtLx47eqvnuvss3Taz6p4vowGOzhwyVktqjNwbMrL8kISsNtNttnIJQU1NFQyJAFELYURQ3VUsylBkbSvQrXvBNWZGogX/BrlOuLrq3dl2S+AzQecRx0UUY3xZKaISEKbIqJ5KO4r7XVZ0/ZdnGew9QtPZ9shXSJBHvM8yiyXZDBKTTrbopsTqoogimoce0HrbfJ0/SgyzfdGOojPbHPsGpWqdlk2cozjzEW2to14iYIr4cXiGMC9lHFEy+X8hNh5bGLpy0U1o0emXzwVw0/lxrvGXud56YZi+0y/4bbZsEQFddHue1eCLx2X26mpQZTtWh2tk7qAs+qebXvBryUScBnEJ2S41HjoqpwjtkyiCTaERt7l5OIhkqkpKsz6uNJs01dg2W0Y43iUWJb3SknPuTzwy+ZIoq03waJBaVOJF5qpEgeQ8NyvmlBSfS9gerGm1mHEcuueJT8YitPHAWATxS2njcE+CqTYCrXm8XmilyJE34oiJdlKUGB/dDpcqBr7j86DJeiy42PxnmH2XFBxoxlSVEhJPMSRURUVPNFSt8V88+vW4fpJ1HM2K0Qpsifb7bEtisg1yJ99wjeBGhFVUtxkNjtsiqW6InsVfoZQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQUNqD1S4XgmVTMcyPEc5iy4zpiBnbWQbkgJkCPNKbwqbRKBcT22VEqP/DV0s/7gzP8A8nG/9xUM900/q+/vL/C1pPRiJFn6BYXBnRmZUSTi0Bl9h5tDbdAooIQkK+RCqKqKi+SotB0tGtacC1XZdDGLg83cY7XekWya12pLQc1FC2RVEx8kVVAiQeYIXFSRKsavnnd7czpx18QrbiZeCjfpJCEG0ab4ttTRa7zQCgoIhxkOAKIm4jtsu6b19DKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKDFvuj8lu65VgOLWwXpl6FqU74NlkzcJJBstsoOyesRGy4iCO67j7PNN9pVVln0GwKHqjcNSbiFzv+Qyp3jWHbrK7zcI05cUZBEFOIoooHPmoI23xUVHerToOlffSvoOf6C8F6W8M54HxvLw/f4r2+5w9bhy25cfPbfbzrM2t2lPUZq3Y4NkyK76ZwoEOSspGrccwO67xURIlcaNfVEjREFUT11332HbU1KDM2kWnvU1ppjAYzab9pncbSxv4SPcfFl4bkZmfEmmgJeROKq81LbZNtk330nPiRZ8F+DOjMyoklomX2Hm0Nt0CTYhIV8iFUVUVF8lRa5qUGOrPofrfohmtwv+j022ZLZ5bvY9FzZCNuPMqJKJSAJW21Jsl2Q23EJVXdBQTMEmeFaBZpetbV1R1nyO2XaXBdbftMC0PPdhkwJSbH1xFQaaXYhBN1MlUjJfWRzSVKBWGum2FJ1m6tcg1Slh3rPaZJzW0mRmVL1kJqC0QIWwmDYIaGiFsUdN15EhVozq2nZJH0NvVtxOzXq63a88baDdsgLKJtpzfvE4KIqiCtC4HJEVUIw22XzTzOjHTpzANGop3W0vW7Ib06U25BJAEeBN1Fltdk5CKNoJcCVVEnHN+KqooF2V5mVWCzZTjs3HshtzNxtc5rtSI7qeqae1FRU8xJFRFQkVFFURUVFRFr06UGM4mhOuei+Xzr3ozeIV6tMqS22tvkPtg6/HReaJIB1AaXiqK3zbND2NVFAQiQfTy/SfqE13etw6mz8fwqywXTRLdCUnyU+CqkjtA4YuEvLtpyeFRRDVBTdeeuaUEf06xCzYFhVsxHHweG3W5pQaV5zm4akSmZkv8AtEZES7IiIq7IiJsiZg6gOnPWLVTUufk0m/YYEIN4trZV6Q2TMMTJWxNEYXc15KRLyX1iVE2FBRNf0oKsz2yavZLok7jguYM3lV1akQrwarKSCMV0XgVWF2VxHeJNfLRR35+S+VVz0q6Kap6PZPN9IXDDJdgu/b9Jdh6Scse0D3a7O7YAm5upy5b+qnlsvt0zSgobqs6fm9XWYd8sc9m3ZVBaGMByjPw0mPzUu2fFCUCFTMhIRXfdRJF3EgqyzYh1pN9zDv0o8PaV78f0xLnxntwXmvcR/ictOW/qLshjuPyET1dmUoKs6c9I29LcdnO3G6PXnKr46Mq+3Fx0zF55OSoIcvNRFXD9cvWNSIl23QRpnqI6etXtWdRXsjeueDRYkZooVuAH5QOLFF502ldRWjTu7OetxXjunkla5pQUZe4XVfcLW9DiXbSa0POceMyGE0nW9iRV4o8Bh5oiou4r5Ku2y7KngdP3TC3iGVfp1qJeWcnyfulIZBENxiPIUyVZCuObE+6vqkhEI8CUl2IkEx0lSgrPqV0t99zTRzG2bl6PnxpIzoDppu0T4AYIDuyKvAhcJNx8xXYti2USzzpXpR1VWBmRp/DylnF8TR11Cn+IYkDwM0Eyi7Ir7ZEik4I/EpvuqqBluu0qUGRoHTLnWBa0MZrpVMxIbdbmhCBHv0qUbhqUTsvG8jbfyiMnT9UkRFVNkRPVSZ9Smj+pOqMHAJ1ovOP2nIbA069PfGVIYbCUaR15RiECNBE2iVFLYkTj+/fbQ1KDLN7xvqy1J00exe/vYZizbvGNMcWQYTZ7SAnLmTHdaEHFX1kDgq8VHZAXYra0f0xe0l0glYri82FcL4XiZQzZrTjUeRMNNmicbEzUAQRaAkBfNAVU81WrMpQZA060I6hsH1Ln6g23JtP5d4ufiPSCTDkK1K7x9w+QgwKj8YgmnBR2UUT5O6LYHVrpTqbq36KsmN3fGYWNQ9pTrU43QkOzPXHkqi0acBbLZERU8zPlvsO1/wBKCmen7CtU9O9KJ2HXSRhkh63xnP0dcjHJISfcN50vFqQivDuG3t20RePL9+y1UGNdPWudg1ld1Uh3PTly9Ozpc0mHX5qxuclHENEFGkLindLb1t/JN1X9+xaUEG1x0zs2q+BP4teH3opI6kmFLa8yjSBEhFxR3RDHYyRRX2oS7KJbEmWbDpj1c6WMpYsGu7NxtZtCaDFnRnozC8zVQAJqCrZKpKRcBRC5Juqqnlt+lBQGhuhuVWfUN/UvVrLP0nyxruNWzw8l048RtxC5knIQ237rgi0Io2CESoiqqcIxqtpNrXbtfrxrLpjOsrzjvhhbthyyB2Y0LLLTjTomItKCqClsriLsKEKoaDtqalBlPUTRvXvWp6xjqLkuJY3ZWGu8dutKPvEw8oKvI2iXi46m6Nqve4inJQ33LnYHUpo3cc90esGA4Q5bLa1Zp0c2Bnvuo2EdmO6yIISCZKScw9vtRF3Xf23ZSgzBZ7N1eTsKuGDyp+JWtIrXgmcjlS3SnTG+RJ3GnGlPYuCInNxsHNiQv6TcksDpc0Wb0cxWfHlXFm53q7OtOzpDLZg2CAGwsihEvIQMnVQ+IKSH5omyIlv0oInqszqHJxVY+mcvH4d6dd4HIvCOK2yyoGim2gCW7qH21TmJDsi7ovsrL+jvTnrvpXl/6TYzftPzknGOK8zMelONPNEqKokiMISbEIEiiSLuKJ5oqouzKUCs29SvTdcc7zWLn+n98ZsmT91pZhSpDrbZq0KI0+0bYkTbo8AHZE2VEQk4kK89JUoMZ2jEOtLILWuM3TKP0fgNxgEZkqfGF0+2QcR8RFE5HNdt1JV9ZELkS77LeeK6F43jugl10qhyPEBdoz3jLhLYR3nMcbQUko0q7DwIG1AUVNu2PrKW5rbNKDGemWhvU7p16QtGHZ1jNqgSO1JcU3lfjuurzFeAORjUDQRHkvEUJCbTcuKoHS1H6R9TcnvjN/czay3e8TowvXqVcn3W+UxSLcWRBlURkW+0A77fJXYQHiA7ZpQVZntk1eyXRJ3HBcwZvKrq1IhXg1WUkEYrovAqsLsriO8Sa+Wijvz8l8qrPpi0W1e0cyKWpycGuNlu7rCXQUlykkgDXcQSZXsoPJO6qqJIqFxRNw35Jp+lAqM6sXSfY9LMtvdrf8PPt9kmyorvAS7brbBkBbEiouxIi7Kip/GpNXmZZZIuS4rdscnOPNxLrBehPmyqI4IOgoEoqqKiFsS7boqb/uWgyN7mX/WD/dv+KrZlYN9zduk9nVPI7I2/xgS7Isp9rgPrusvtC2W+26bC+6myLsvLz32TbeVApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlB889S7pAvHugMSXbn++y3l1pikXAh2dYKOy6OxIi+q42Y7+xdt03RUWvoZWALN/8AAHuhjnpj4/xWSP8ADwnrbekWz7G/Lj8nxTfP+Gxbctk33/QKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQYz900/q+/vL/C10onU1n2D6MY5CZ0fm29mNbYUGBfLqT6wpXBodjQUabQubYEQoLvl7dyRF37vumn9X395f4WtAYFjNqzLphxjFr213YFzxGDHd2EVIN4rezgckVEMS2IVVF2IUX91BSXRFp3bL/ebjrdeskZv+QuznkEIrTjLcSS82hyCdQgBDd2fUeIIrQoqqimqpw1zXzn6dsmuug3UdJxbKnfCQJElbReOREDCbl8RLTuKCcEJRJHDTyZccVE9avoxQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQfPrpHGVgXWHLwuO8zOaJ252ORJcaUCMGObiOAKEvElOMHkqkiIRJ7dlT6C1gDRv/SGTv5kvv8Ay5db/oFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoMD9WQxcD6y7JmU556XEedtd8fZZaRHGwYcRomx3LYyVIqkiqopue37t13xVM9W2kPvraef5rY55RZ+b1o5SO0DnJQ7rJb7ivMQTiq7bGIbkIqW9TdLPUhAs1rZ0z1Wc9BTbPwt8CdIYJoUECRpI8gUT4o2/JO4SIPEV5qJCpGGv6UpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQUZqd0yYfqNl8rKMoyzM5E1/1W2wlxhajNIq8Wmh7C8QHdfLzVVVSVVJVVbH0pwWLp3iqY5Bv2QXmI27yYO8TEkORwQAAWW1QRQWhQE2BE2RVX+NSylBUGsvTrp5qlkTWQ3lLnbLoLXafkWt1topSJsgK6htmhEKJshIiLtsiqqCKDOdMcOZwPEIuLxL5erxCh+rFcurrbjrLWycWkIADcB2Xii7qiLxReKCiSalApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlApSlArpX26QLHY597uj/AIeBb4zkqU7wIu202KkZbCiquwoq7Iir/CuefLiwIL86dJZixIzRPPvvOIDbQCm5ERL5CKIiqqr5IiVkzqY1ybz5lNHNHEeyG6Xx1Yk2bDIwBAE15MtFuKGJICqbqr2u0peZISqARn3Pdm85JrDm+fXKWy+6UEgnkqcHHZEuQj3NBEUFB+Ic3222Uh2Tbfbb9Vz056Zt6UaXQsYN9mTcTdOXc5DPPtuyD2ReKEvyRAQBFRB5IHJRRSVKsagUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgVgD3R39d9m/ltj7zJpSg3/SlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKBSlKCGa7fqQzz+W7j92crM3uZf8AWD/dv+KpSg2ZSlKD/9k=" width="493" height="34" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">R</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the supervisory discount rate; R = 5 %;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">S</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the period between the start date of a transaction and the reporting date, which shall be expressed in years using the relevant business day convention;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">E</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the period between the end date of a transaction and the reporting date, which shall be expressed in years using the relevant business day convention; and OneBusinessYear = one year expressed in business days using the relevant business day convention.</p>
</td>
</tr></table><p class="list">The start date of a transaction is the earliest date at which at least a contractual payment under the transaction, to or from the institution, is either fixed or exchanged, other than payments related to the exchange of collateral in a margin agreement. Where the transaction has already been fixing or making payments at the reporting date, the start date of a transaction shall be equal to 0.</p>
<p class="list">Where a transaction involves one or more contractual future dates on which the institution or the counterparty may decide to terminate the transaction prior to its contractual maturity, the start date of a transaction shall be equal to the earliest of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the date or the earliest of the multiple future dates at which the institution or the counterparty may decide to terminate the transaction earlier than its contractual maturity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the date at which a transaction starts fixing or making payments, other than payments related to the exchange of collateral in a margin agreement.</p>
</div>
</div>
<p class="list">Where a transaction has a financial instrument as the underlying instrument that may give rise to contractual obligations additional to those of the transaction, the start date of a transaction shall be determined on the basis of the earliest date at which the underlying instrument starts fixing or making payments.</p>
<p class="list">The end date of a transaction is the latest date at which a contractual payment under the transaction, to or from the institution, is or may be exchanged.</p>
<p class="list">Where a transaction has a financial instrument as an underlying instrument that may give rise to contractual obligations additional to those of the transaction, the end date of a transaction shall be determined on the basis of the last contractual payment of the underlying instrument of the transaction.</p>
<p class="list">Where a transaction is structured to settle an outstanding exposure following specified payment dates and where the terms are reset so that the market value of the transaction is zero on those specified dates, the settlement of the outstanding exposure at those specified dates is considered a contractual payment under the same transaction;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for transactions mapped to the foreign exchange risk category, institutions shall calculate the adjusted notional amount as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the transaction consists of one payment leg, the adjusted notional amount shall be the notional amount of the derivative contract;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the transaction consists of two payment legs and the notional amount of one payment leg is denominated in the institution's reporting currency, the adjusted notional amount shall be the notional amount of the other payment leg;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the transaction consists of two payment legs and the notional amount of each payment leg is denominated in a currency other than the institution's reporting currency, the adjusted notional amount shall be the largest of the notional amounts of the two payment legs after those amounts have been converted into the institution's reporting currency at the prevailing spot exchange rate;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for transactions mapped to the equity risk category or commodity risk category, institutions shall calculate the adjusted notional amount as the product of the market price of one unit of the underlying instrument of the transaction and the number of units in the underlying instrument referenced by the transaction;</p>
<p class="list">where a transaction mapped to the equity risk category or commodity risk category is contractually expressed as a notional amount, institutions shall use the notional amount of the transaction rather than the number of units in the underlying instrument as the adjusted notional amount;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for transactions mapped to the other risks category, institutions shall calculate the adjusted notional amount on the basis of the most appropriate method among the methods set out in points (a), (b) and (c), depending on the nature and characteristics of the underlying instrument of the transaction.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall determine the notional amount or number of units of the underlying instrument for the purpose of calculating the adjusted notional amount of a transaction referred to in paragraph 1 as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the notional amount or the number of units of the underlying instrument of a transaction is not fixed until its contractual maturity:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for deterministic notional amounts and numbers of units of the underlying instrument, the notional amount shall be the weighted average of all the deterministic values of notional amounts or number of units of the underlying instrument, as applicable, until the contractual maturity of the transaction, where the weights are the proportion of the time period during which each value of notional amount applies;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for stochastic notional amounts and numbers of units of the underlying instrument, the notional amount shall be the amount determined by fixing current market values within the formula for calculating the future market values;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for contracts with multiple exchanges of the notional amount, the notional amount shall be multiplied by the number of remaining payments still to be made in accordance with the contracts;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for contracts that provide for a multiplication of the cash-flow payments or a multiplication of the underlying of the derivative contract, the notional amount shall be adjusted by an institution to take into account the effects of the multiplication on the risk structure of those contracts.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall convert the adjusted notional amount of a transaction into their reporting currency at the prevailing spot exchange rate where the adjusted notional amount is calculated under this Article from a contractual notional amount or a market price of the number of units of the underlying instrument denominated in another currency.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 279c -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the maturity factor as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for transactions included in the netting sets referred to in Article 275(1), institutions shall use the following formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="518" height="39" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">MF</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the maturity factor;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">M</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the remaining maturity of the transaction which is equal to the period of time needed for the termination of all contractual obligations of the transaction; for that purpose, any optionality of a derivative contract shall be considered to be a contractual obligation; the remaining maturity shall be expressed in years using the relevant business day convention;</p>
<p class="norm">where a transaction has another derivative contract as underlying instrument that may give rise to additional contractual obligations beyond the contractual obligations of the transaction, the remaining maturity of the transaction shall be equal to the period of time needed for the termination of all contractual obligations of the underlying instrument;</p>
<p class="norm">where a transaction is structured to settle outstanding exposure following specified payment dates and where the terms are reset so that the market value of the transaction is zero on those specified dates, the remaining maturity of the transaction shall be equal to the time until the next reset date; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">OneBusinessYear</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">one year expressed in business days using the relevant business day convention;</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for transactions included in the netting sets referred to in Article 275(2) and (3), the maturity factor is defined as:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="311" height="68" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">MF</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the maturity factor;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">MPOR</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the margin period of risk of the netting set determined in accordance with Article 285(2) to (5); and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">OneBusinessYear</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">one year expressed in business days using the relevant business day convention.</p>
</td>
</tr></table><p class="list">When determining the margin period of risk for transactions between a client and a clearing member, an institution acting either as the client or as the clearing member shall replace the minimum period set out in point (b) of Article 285(2) with five business days.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of paragraph 1, the remaining maturity shall be equal to the period of time until the next reset date for transactions that are structured to settle outstanding exposure following specified payment dates and where the terms are reset in such a way that the market value of the contract shall be zero on those specified payment dates.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 280 -
<p class="norm">For the purpose of calculating the add-on of a hedging set as referred to in Articles 280a to 280f, the hedging set supervisory factor coefficient ‘є’ shall be the following:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="4%"><col width="3%"><col width="92%"><tbody><tr><td rowspan="3" valign="middle">
<p class="tbl-norm">є =</p>
</td>
<td rowspan="3" valign="middle">
<table width="100%" border="0"><col width="100%"><tbody><tr><td valign="middle" align="center">
<img src="./../../../../resource.html?uri=celex:02013R0575-20230628.ENG.xhtml.l1.jpg" width="16" height="120" alt="left accolade"></td>
</tr></tbody></table></td>
<td valign="top">
<p class="tbl-norm">1 for the hedging sets established in accordance with Article 277a(1)</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5 for the hedging sets established in accordance with point (a) of Article 277a(2)</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">0,5 for the hedging sets established in accordance with point (b) of Article 277a(2)</p>
</td>
</tr></tbody></table></div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 280a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of Article 278, institutions shall calculate the interest rate risk category add-on for a given netting set as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="271" height="65" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn<span class="superscript">IR</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the interest rate risk category add-on;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">j</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes all the interest rate risk hedging sets established in accordance with point (a) of Article 277a(1) and with Article 277a(2) for the netting set; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="106" height="42" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the interest rate risk category add-on for hedging set j calculated in accordance with paragraph 2.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the interest rate risk category add-on for hedging set j as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="318" height="43" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">є<span class="subscript">j</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the hedging set supervisory factor coefficient of hedging set j determined in accordance with the applicable value specified in Article 280;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">SF<span class="superscript">IR</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the supervisory factor for the interest rate risk category with a value equal to 0,5 %; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="100" height="42" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the effective notional amount of hedging set j calculated in accordance with paragraph 3.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purpose of calculating the effective notional amount of hedging set j, institutions shall first map each transaction of the hedging set to the appropriate bucket in Table 2. They shall do so on the basis of the end date of each transaction as determined under point (a) of Article 279b(1):</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-ca59f4e3-9497-4c2a-8c25-d324fdba55f7">
<span class="italics">Table 2</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="25%"><col width="75%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Bucket</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="hd-column">End date</p>
<p class="hd-column">(in years)</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">> 0 and <= 1</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">> 1 and <= 5</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">> 5</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<p class="norm inline-element">Institutions shall then calculate the effective notional amount of hedging set j in accordance with the following formula:</p>
<p class="norm inline-element">
<img 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" width="499" height="30" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="100" height="42" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the effective notional amount of hedging set j; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">D<span class="subscript">j,k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the effective notional amount of bucket k of hedging set j calculated as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="298" height="62" alt="image"></p>
</td>
</tr></table><p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">l</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the risk position.</p>
</td>
</tr></table><div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 280b -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of Article 278, institutions shall calculate the foreign exchange risk category add-on for a given netting set as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="282" height="65" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn<span class="superscript">FX</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the foreign exchange risk category add on;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">j</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the foreign exchange risk hedging sets established in accordance with point (b) of Article 277a(1) and with Article 277a(2) for the netting set; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="111" height="42" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the foreign exchange risk category add-on for hedging set j calculated in accordance with paragraph 2.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the foreign exchange risk category add-on for hedging set j as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="348" height="43" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">є<span class="subscript">j</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the hedging set supervisory factor coefficient of hedging set j determined in accordance with Article 280;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">SF<span class="superscript">FX</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the supervisory factor for the foreign exchange risk category with a value equal to 4 %;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="105" height="42" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the effective notional amount of hedging set j calculated as follows:</p>
</td>
</tr></table><p class="container-center">
<img src="data:image/jpg;base64,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" width="386" height="65" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">l</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the risk position.</p>
</td>
</tr></table></div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 280c -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of paragraph 2, institutions shall establish the relevant credit reference entities of the netting set in accordance with the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there shall be one credit reference entity for each issuer of a reference debt instrument that underlies a single-name transaction allocated to the credit risk category; single-name transactions shall be assigned to the same credit reference entity only where the underlying reference debt instrument of those transactions is issued by the same issuer;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there shall be one credit reference entity for each group of reference debt instruments or single-name credit derivatives that underlie a multi-name transaction allocated to the credit risk category; multi-names transactions shall be assigned to the same credit reference entity only where the group of underlying reference debt instruments or single-name credit derivatives of those transactions have the same constituents.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of Article 278, institution shall calculate the credit risk category add-on for a given netting set as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="333" height="65" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn<span class="superscript">Credit</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">credit risk category add-on;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">j</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes all the credit risk hedging sets established in accordance with point (c) of Article 277a(1) and with Article 277a(2) for the netting set; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="136" height="43" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the credit risk category add-on for hedging set j calculated in accordance with paragraph 3.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the credit risk category add-on for hedging set j as follows:</p>
<p class="norm inline-element">
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" width="525" height="60" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="136" height="43" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the credit risk category add-on for hedging set j;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">є<span class="subscript">j</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the hedging set supervisory factor coefficient of hedging set j determined in accordance with Article 280;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">k</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the credit reference entities of the netting set established in accordance with paragraph 1;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="73" height="40" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">the correlation factor of the credit reference entity k; where the credit reference entity k has been established in accordance with point (a) of paragraph 1,<p class="container-center">
<img src="data:image/jpg;base64,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" width="153" height="40" alt="image"></p>, where the credit reference entity k has been established in accordance with point (b) of paragraph 1,<p class="container-center">
<img src="data:image/jpg;base64,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" width="153" height="40" alt="image"></p>; and</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn(Entity<span class="subscript">k</span>)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the add-on for the credit reference entity k determined in accordance with paragraph 4.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the add-on for the credit reference entity k as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="335" height="39" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="131" height="39" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the effective notional amount of the credit reference entity k calculated as follows:</p>
<p class="container-center">
<img 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" width="604" height="65" alt="image"></p>
<p class="norm">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">l</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the risk position; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="89" height="43" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the supervisory factor applicable to the credit reference entity k calculated in accordance with paragraph 5.</p>
</td>
</tr></table></td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the supervisory factor applicable to the credit reference entity k as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">for the credit reference entity k established in accordance with point (a) of paragraph 1,<p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAArAFkBAREA/8QAHAABAAIDAAMAAAAAAAAAAAAAAAYHBAUIAgMJ/8QALhAAAQQBBAICAQIFBQAAAAAAAgEDBAUGAAcREggTISIUFTEJFiMyUSUzQULh/9oACAEBAAA/APqnpppqu91d+dvNn5NRT5NMsJl/kRuN0tBTVz1hZ2JNj2P1R2RUuop/c4fVseU7EmtHhfk/gOZZ5A2uco8tx/LbCNLmjUX1G7CfCNHRtVfXtyKtl7UEDEiRSExXhRVNW/pqB5hvRiOEbk4Xtbdxrf8AVs8clNVLzMAzh+yO0rpg4/8A2gXQVVB+VVE54RPnXuxrenbLLs5yzbbH8qZk5FgyMLfw1Zdb/CR4VJtVcMUAkUUXnqS8f88al1bZV1zXRbeonxp0GcyEmLKjOi6y+yYoQOAYqokJCqKhIqoqKiprJ1WnkfvPD8fdl8m3ZmVZWK0rDYxoqOi0L0p94GI4uOEqI237XQ7n/wBQ7FwvHC0pvfn/AJmbJbJ5Hu+Njt7mj0eqdlzaqtp5EFKNPSiJKjPG+7+Y00XLjgOiCmKKokCJ1XA8yvJbyJ8eJ+BzsCDbmzp88t4tBHYuKud+TElOAK+03WZIg42pKS8CAkKcJ9+VVNtvrnfnXs1gltuRWSdk8pp8fiLPs44UdrBliyBf1SaEprgH0Dk15IVVBVERV45wcAl/pv8AEi3L/mx8AXKMHpncJdkdSSVAYQfzG4jn+EeIjNsV5X5NUUU5S29xGsKt988Jx9FuIubnjeRHWWlW4yq08NxIrbr7zTiEi9nFZRpTbJv2NkiovPC8t7b7w+VNP4j2/l9k286ZYkOjvUi4xLx+IywjzM/8WNKcdjtg4pN+p83B56EJAidOpEuPlnkZ5W7L4RF3JuGLKzrZWCT5Lg5Lc41IbnW4ttOMWFa3Vl7344ew1db46owgGpIXYtTTKKHLYu+PidkGSb32OduW9pbSXCOJCZhSHDpXnfyogsMtmDXU+giSn9FBSXtypM1yHc+7leYmCPbs30WFg1NAtaSTFhV7MqO1Ip5Ut2GroxkU2ueraGXLwgCdXELk1tfwnjnV7IYVUS9zLrJpJ4PjVkNfPZhg3Tx34ao0ywUdhtSDllwf6pOGiNDyXyql0HqrfJnF9ss52ZusF3dekM45k78CjN2M2putS5UxliG4HCLwQyXGFQlRRTjkvqi64wzna7zb8LsAmZVS721O7+0mJRelliOSVqJIep+UF1rsQOKog39fhzqI8r0UUUF2f8S+/HMcC8c8mxkhhpd5xVzq8pbHdGfdHA2lcbEk5Qew9hQk54VEVP31e+3uAb0M+UGTW28ttWZXSWuARq+LJrMcdr6pnic77ohNuvPo44aL7C7OKqiXHCCicyvIWfHLfrMbbYLJ8XZtrnbxqJYFGfq5ENa0Xg4ZehShQFFeE4Q2DTjrxz9fiWYZsLtJt9Ct4eL4ZGYLII/4ltLkPPS5s9ngkRt+U+ZvuiKGSChGqCi8JwiJrQbKN+P0KVm21Gz2LQahvFprUHIKlmndhxm332fYKI24AgaG2XKqKKJIvPKoqKu3wrxy2Q28nSrHD9taaudlxHICiLZONMxHOFcjsNuKQR2TVEI2mhADL7Eir86jtV4ZeMtLe1GSVu09a1YY/NWwqHFkyTGvd5VescCdUGWkJVJGgRGxL7IKL86mtXsttRS5FkOWVm31Gxb5Y06zezBiCrlm24vJhIVf90V/wXKcKqft8a8dstldrtm2J8bbTDoVE3ZmByUYJwlNA7ettFMiUWw7mgNjwAISoIoi6m+qz8jNlWPITaS02olZNMx9m2lV77lhDaQ32RjTWZK+vlUQTL09UNeeqkhcFxwtf5R43b07hYe5tVuH5KLa4RN4j2iRMUbhXlnBQuVjPTwkK0ndOAcNuMCmKKnx2JVxd/vDAN952NMvbs2+N4/hcqJPx2lraaATNfJjtoAGhuNqZjwKfQlUU/bjhNXvg1HkmO45HqsszORlVk0bhO2ciDHiG6hGqiitMCLadUVB+E+eOV+dcP8AkZvLluy/k3ufd4lS2oy7DAcVhLkY14yq3GmTspQHYTRXklabFwiQAA1JQLnqiKSdk7fWJ0mI4zTZjurXZdeW7BuRbf1RoP6zyiu948dkuigjZCqdFL6IhKqqqktSePYmPlH5OqQEnOQ43xyn7/6Gx/5rpHTTTTTTTTVdzPH7aKwy7Is7m4ay/eZZWO01zLOVIVZsFxtGyjmPs6+vqiIgoicfunC/OoBb+JWFQL3aaLtxi1Jj+Pbd5FKyEjSRIKXHUmeqR4on3Do84jftUiTqDSICdi5GycR2S2zwTMr3cDFcb/Av8mcV24mDMkGU4+VVCdE3FAlHlUFev1RVQeE+NTrTTTTTTTTTTTTTTTTX/9k=" width="89" height="43" alt="image"></p> shall be mapped to one of the six supervisory factors set out in Table 3 of this paragraph on the basis of an external credit assessment by a nominated ECAI of the corresponding individual issuer; for an individual issuer for which a credit assessment by a nominated ECAI is not available:<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution using the approach referred to in Chapter 3 shall map the internal rating of the individual issuer to one of the external credit assessments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">an institution using the approach referred to in Chapter 2 shall assign <p class="container-center">
<img src="data:image/jpg;base64,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" width="187" height="43" alt="image"></p> to that credit reference entity; however, where an institution applies Article 128 to risk weight counterparty credit risk exposures to that individual issuer, <p class="container-center">
<img src="data:image/jpg;base64,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" width="175" height="43" alt="image"></p> shall be assigned to that credit reference entity;</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the credit reference entity k established in accordance with point (b) of paragraph 1:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">where a risk position l assigned to the credit reference entity k is a credit index listed on a recognised exchange, <p class="container-center">
<img src="data:image/jpg;base64,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" width="89" height="43" alt="image"></p> shall be mapped to one of the two supervisory factors set out in Table 4 of this paragraph on the basis of the credit quality of the majority of its individual constituents;</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">where a risk position l assigned to the credit reference entity k is not referred to in point (i) of this point, <p class="container-center">
<img src="data:image/jpg;base64,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" width="89" height="43" alt="image"></p> shall be the weighted average of the supervisory factors mapped to each constituent in accordance with the method set out in point (a), where the weights are defined by the proportion of notional of the constituents in that position.<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-24d25e3c-4448-4883-904c-e558b1348523">
<span class="italics">Table 3</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="76%"><col width="24%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality step</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Supervisory factor for single-name transactions</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">0,38 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">0,42 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">0,54 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">1,06 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">1,6 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">6,0 %</p>
</td>
</tr></tbody></table></div>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-44ee7015-e6a1-4310-8fd7-da51c47c8e30">
<span class="italics">Table 4</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="38%"><col width="62%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Dominant credit quality</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Supervisory factor for quoted indices</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Investment grade</p>
</td>
<td valign="top">
<p class="tbl-norm">0,38 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Non-investment grade</p>
</td>
<td valign="top">
<p class="tbl-norm">1,06 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 280d -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of paragraph 2, institutions shall establish the relevant equity reference entities of the netting set in accordance with the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there shall be one equity reference entity for each issuer of a reference equity instrument that underlies a single-name transaction allocated to the equity risk category; single-name transactions shall be assigned to the same equity reference entity only where the underlying reference equity instrument of those transactions is issued by the same issuer;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there shall be one equity reference entity for each group of reference equity instruments or single-name equity derivatives that underlie a multi-name transaction allocated to the equity risk category; multi-names transactions shall be assigned to the same equity reference entity only where the group of underlying reference equity instruments or single-name equity derivatives of those transactions, as applicable, has the same constituents.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of Article 278, institutions shall calculate the equity risk category add-on for a given netting set as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="340" height="66" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn<span class="superscript">Equity</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the equity risk category add-on;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">j</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes all the equity risk hedging sets established in accordance with point (d) of Article 277a(1) and Article 277a(2) for the netting set; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="140" height="44" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the equity risk category add-on for hedging set j calculated in accordance with paragraph 3.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the equity risk category add-on for hedging set j as follows:</p>
<p class="norm inline-element">
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" width="530" height="60" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="140" height="44" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the equity risk category add-on for hedging set j;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">є<span class="subscript">j</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the hedging set supervisory factor coefficient of hedging set j determined in accordance with Article 280;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">k</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the equity reference entities of the netting set established in accordance with paragraph 1;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="77" height="41" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">the correlation factor of the equity reference entity k; where the equity reference entity k has been established in accordance with point (a) of paragraph 1, <p class="container-center">
<img src="data:image/jpg;base64,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" width="155" height="41" alt="image"></p>; where the equity reference entity k has been established in accordance with point (b) of paragraph 1, <p class="container-center">
<img src="data:image/jpg;base64,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" width="155" height="41" alt="image"></p>; and</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn(Entity<span class="subscript">k</span>)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the add-on for the equity reference entity k determined in accordance with paragraph 4.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the add-on for the equity reference entity k as follows:</p>
<p class="norm inline-element">
<img 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" width="229" height="18" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn(Entity<span class="subscript">k</span>)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the add-on for the equity reference entity k;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="93" height="41" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">the supervisory factor applicable to the equity reference entity k; where the equity reference entity k has been established in accordance with point (a) of paragraph 1, <p class="container-center">
<img src="data:image/jpg;base64,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" width="172" height="41" alt="image"></p>; where the equity reference entity k has been established in accordance with point (b) of paragraph 1, <p class="container-center">
<img src="data:image/jpg;base64,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" width="172" height="41" alt="image"></p>; and</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="134" height="41" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the effective notional amount of the equity reference entity k calculated as follows:</p>
<p class="container-center">
<img 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" width="508" height="66" alt="image"></p>
<p class="norm">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">l</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the risk position.</p>
</td>
</tr></table></td>
</tr></table></div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 280e -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of Article 278, institutions shall calculate the commodity risk category add-on for a given netting set as follows:</p>
<p class="norm inline-element">
<img src="data:image/jpg;base64,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" width="156" height="37" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn<span class="superscript">Com</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the commodity risk category add-on;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">j</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the commodity hedging sets established in accordance with point (e) of Article 277a(1) and with Article 277a(2) for the netting set; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="124" height="43" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the commodity risk category add-on for hedging set j calculated in accordance with paragraph 4.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purpose of calculating the add-on for a commodity hedging set of a given netting set in accordance with paragraph 4, institutions shall establish the relevant commodity reference types of each hedging set. Commodity derivative transactions shall be assigned to the same commodity reference type only where the underlying commodity instrument of those transactions has the same nature, irrespective of the delivery location and quality of the commodity instrument.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">By way of derogation from paragraph 2, competent authorities may require an institution which is significantly exposed to the basis risk of different positions sharing the same nature as referred to in paragraph 2 to establish the commodity reference types for those positions using more characteristics than just the nature of the underlying commodity instrument. In such a situation, commodity derivative transactions shall be assigned the same commodity reference type only where they share those characteristics.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the commodity risk category add-on for hedging set j as follows:</p>
<p class="norm inline-element">
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" width="491" height="60" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="124" height="43" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the commodity risk category add-on for hedging set j;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">є<span class="subscript">j</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the hedging set supervisory factor coefficient of hedging set j determined in accordance with Article 280;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">ρ<span class="superscript">Com</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the correlation factor of the commodity risk category with a value equal to 40 %;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">k</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the commodity reference types of the netting set established in accordance with paragraph 2; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="177" height="53" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the add-on for the commodity reference type k calculated in accordance with paragraph 5.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the add-on for the commodity reference type k as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAA1AZMBAREA/8QAHQABAAEFAQEBAAAAAAAAAAAAAAcBBAUGCAMJAv/EADwQAAEEAQMEAQIEBAQCCwAAAAECAwQFBgAHEQgSEyExIkEJFCNRFRYyYRdCUnElkTM0V1mBkpWWstPV/9oACAEBAAA/APqnpppppppppprTN1928K2ZxVWWZtYONMuSGoUKJHbL0uxmOq7WYsZkfU68tXpKR/ckhIJG3RX1SYzUhcd1hTiEqLTvHe2SOSlXaSOR8Hgkevk69dNNNNNU59c60LFN7MHyzcXJtp2H5lfleLdjsmtsoxjuSYa+OybG5PD8cq5T5En0ocKCSRzv2mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmrWVZ10F+NGmz47Ds1wsxkOupQp5zgq7UAnlR4BPA5PAOrrVPjVdU5HxzoSB8nVlTXtLkUBFpQW8KyhuKUhMiHIQ80pSTwQFoJHIIIPv51faaoTwOdcm7TOxepzqly/eWz75eJbMzXcMwxhY/R/i5QDaWHB+XAFNsoJ5ARwoAK966y5A9cH/lqncP2P/I6rqummrK6nCsp51ipMlQix3HymLGVIePaknhtpAKnFevSEglR4ABJ1EHSPnMnPdqnbGfvBN3JmwrqfAlXM3Fzj7yHW3BzGXDIBQpoKCSSPZ5H21qvW7i+TUeGV3Urtk02M12ecdvEpKuxNhTdv/EoLpHy2plPl4PPCmQRwTzqeMCzKm3EwqizvHni7WZDXR7OIokE+J5tK0g8EjkBXB9/IOs9pppq0FtVm0VSCximxSwJRieZPmDJUUhzx893b3Aju445HGvSHOhWMRmfAlsyY0hAcaeZcC0OIPsKSoEgg/uNe3I/fUD75745lTbmYl09bMxaRzPcujPW70+8StcCmp2FdrspbTa0LkOqUFIaaSpIKkqKlJA94LIJHVHtTl+3sOy3Iqc6xzKMrh1Nw/8AysmFMr2lMyFqKQytTZZcUhAK1AKbIHtQWe2YH97doImQuYjM3QxVm7Ylor3oDlswl9uWpPclhSSrlLpTyQg/UR8DVpfdQexGL3U3G8k3lwqrt61xDMuvl3sZqSwtae5KVtKWFglPsDj4969arfnZK9t62gpN3cNn2VyltddEi3cZ12WFoK0eJKVkr7kpUoAeyASPjW+aaoSB8nTkfvqi1obQXHFBKUgkqJ4AH7nVqLeqNV/HRZRf4b+X/N/nPMnweDt7vJ5Oe3s7ffdzxx751codadQl1txKkLAUlSSCCD9wdfrnjVdNUJAHOuccX3q3l6gcgv5XT+nDKXAsdsXqZOTZHEkWTtzNYJTI/KRI77ITHQopAeW7yvg9qSDynObNby7h2+T7k4xvfX4rj7u3ztSwqZXSXBEkpkQ/KuV5HyOxtaj9KFe0e0qUsgKMsM5th0ilkZHHyuncqoq/G/ORPZVHaX6HapwK7Un6k+if8w/fXjH3EwGXJchxc2oHn2WDJcabs2FLQyEBZcIC+QkIIV3fHB5+NZGlv6LJIX8Rx65g2cTvKPPDkofb7h8juQSORyPXOshpr51fiIbkbhws9qdztuXA7TdN1pUXF4x3qQJk+yc4SweD7SiKhAWeOQJxHsd3Hf8Ai2S1GX4zVZZRSkyKy4hMz4jw9BbLqAtB/wDKoa4z62t+unHdzpt3LpIsl3KG8egvLr76LSzZNREvUp7GG2rJpssCQPKB6Xxw4Qo8EgzRtXuxt5s90hbVZnudlsKhqU4XQMiRLWSp55Ve0UtNoSCt1xQSohCApR4PA9HXOtplG2mW/iXbJZThuO2lJf29Dfv5CxaUcypnPBEB9uI4+zIQjv8A00LCVgE9qQCfpAGxxrV7rI6z8521yWZOe2m2Uix4kzHfOpmLd3jjiv1JjYIU+ygtuhLauWz4UnjhwhV11ubS02wm3zvVX09wIWC5lgLsV+U3UspiQLqAt9DLkWZGbSG3hw4Ck8BQ98KB4IlW565envDsfwa6z7LXqBWeVMC3r0PVstbaWJTPlQVPBrxjgeiOe4Ep5SO4a33bzf3bPc7KbrB8bs7BnIqBtEibVWtTKrpaYyzw1JS1JbQpbK+QUrTyPqHPHOs9uflTeC7bZVmz0gsN4/STrRboa8pbDDC3O7s/zcdvPH3+NQh+HNjDmM9HG3q5UNtmfdxZN5KUhzv8y5cl11DhPPAJaU1yPtxx8g6uYHThA3L3N3LzjeaBkbiJN9Hg43GZySfDipqmIEYB9tuLJQApx9cgLKwCS0OAB7VBHRFsPg+9G0+a2udzMsn2kPN72kgzf5wuEORYrJbSylIRKAPZ3EgkEn7k6mbbTqg222ewjAdmd9sonUG40CmgU8iunQpsyTNkNNIbDqXmmlofW6nxuq7FrKS72qPIOpSt+pDZ2i3Bsdq7LKX0ZVVVzttKrUVE51aYbbJeU8lSGShaexJAKVHlY7Byv6daDVdfXTZeVVpeU2RZDOr6Ka7EuJLGKWa0ViG+O+RK4Y/QYBUPrXx8K9fSriTMo342jxDbePu3b51WLxWaGvyNhDcMtM9bp7Wm4yWQpT7ijyAhsKUSD69HjW6fqx2VsVTotxe2eL2FZLr4cuuyWlmVUtlU5zxxFlp9tJ8bi/pDg+gEfUU60zoQdbtNvc/y2A8iVT5Pull1vUTW1hbc2GuwUhD6CDyUlTawOeCe3n44J6EyGjr8nobHHLZvyQrWI9Cko4Se5p1BQocKBB9KPyCP7HXM/wCGbb2M7pHxqls2nUOY3YWtGkPKWXfGxNd7QsK9pUkK7e30AEgAD411BY2VfTwH7S2nR4UOK2XX5Eh1LbTSB8qUtRASB+5PGtR/xv2Z/wC1nDP/AF+J/wDZq+pd1NssjsmabH9w8Zs58ju8UWHcRn3nO1JUe1CFlR4AJPA+ATq33kn5hV7R5tZbeocXlMTHbF+kS2yl1RnpjOKjgIV9Kz5Aj6T6PwdcH9OVr0Lb27A0eHqyyjw3dmZFQ3NuZtgIeVtZAEKCpbc5ZQ8+pThWoBKylSV+NSRyU6teuDZKvwf8ODEHc0xOuZz7AqfHqQWDSgt+IoLQ0+0h5B4U2SV8j2kk8/IBEkP9MnRNk2ObbbO221lRFzDNMWdl106mUWJccswW1OS33W3A4r6ljtU4lwKWCCPnV4Nj94NrLLYffmqwqRkt3t1hDOAZfi8KWwuXIhJb7PzkBalpbW4lwFwtrUCpCgkFKgTqYWtz9xN3MvxCt27wbOsRx+BaCyye5ySl/haXYrTLnFc1Hk/rurdccaJcQlLaEoUQ4pQKDzPZ7SbsV3R/f9Fz+y99cZzY2EpDOSNMtOUdh57P8yLZ2ctfLakoWkKQ4PzHcn6UqAKhJNftvleNdXkvcvINscsyeLR7UxMThZI1GirE6zaWt2QtCFv94U6lSUpcUE/V5ElQSe5UC4l0/b6Y30qbF7Zo2VySNlWHbrM5bkH5VuGnwwmZD6i75UvjyrLT7SUhPKiEKSeO0c/Tthzysod8a2+9IV2rHCk8++CPsdemvnx+MfguHnYmo3L/AJfhpymPkNfUot0pKZQhKblLLBWCCW+76u0+geT862XI+nXoG3byKp2SwvA8Sdu5+MWdozcYhbNpdqxGXEaSp4x3v1FrXIBQXe4HxOg/1HnTuqDcN3E8f6Xtid5J7wcVY0cjcWqj18l+NNbjx0AtKUw2USW/MhZLDZX3FKCU8BOtQ3Cb2C2x3j2M2Bj5BklttQ/Kv8vvKm2qZshsyJVel+B2x0RUhxtsuhaGUNqDSlK8qQe4auN3OimDt5l+H0fSjIsoGZ4Hg9lm9HOfWgzb2YxaxeI8xSW0+YliQ600kpTx9CFHt7tSFuzn2znW50Utbs2WMRnr7GZ9fGkxXFqbk0li5PiMzGAUL7g04hR4BP1oKCQFJ+nqO+zjZbpdxDG8MbjCoiSHTV43jlJXvTZsxwEqUiNFZSt1zjkqWrjgd3Kjyfdi31ZbLqx7ILx62uo0nFSwm5pX8enot4Kn0lTIcglnzjvAPart7D/qGtI6HeqCB1E7bMzLa3myMplS7m0ejOVchpqLA/ijyYrKZBaDDnjZUwjhLil8D6uSFEaX07WyuiqHlGye8NBkTNKMim3ONZbXUUyxr7SHLV5EsuqitOGPKbKFhTa0pBABSSPZ8t32N1N4DS7j321uTWe2NHuLWzjiUioLVrNp2Ia2nJj1f/0slsTnEPIjuJ8njY7vGQoDWt3eLytxt2d592sB2+uXNsbjaj+BPRF4m+z/ADRkXe4ph9iE40HZCmU9jfmU2OCAAe1PdqNkdP8AVQsF6Q8dr+nzI3l0Fy1Y7giTg0gqZUpDX5v84rwAuoLpUEg94U22n5CRrovo4oskxvfHqHal4TkWOYve5RHtMbbm0b9fCkIS0tmQ8wFISgFSks8/ClpCVcEAkda61/OM9wrbbHZGVZ/lVXj1RGB8syxlIYbB7SrtBUR3KISrhI5UePQOuLNr9tp/UF09ZtuHL6n/AOA45uq/bXeVV0aHTz4lYiS2EoZkSX21OsuMwUQ0qSXEFoo+kpASda90ibu2G4fQtl+wOP53VHdTEaq+ximixrVt2VLQ0ytUV6KElSnWwlZbStsKH6QI4HGr9e4G1Fb+E4/U195S0bzeCP48/XyJbTD/APHQ2USY5aKu7zrfDi+wjuIWCQB8YmXe0a2ehvcG7uq+z21x2AxU3TzclDsKsvl1LDcJcpYPjZW27/rUCkg+ufR3nfDcnbtn8RjYFL+eY81/BqXI2bLvtGAITkiGoMIeJVw2pwkdqVEFXI4B5HNlt/Cl9J/XvuI5nshqFg2/vbZUmQTFIajItmSt1UBx0kJbX+tICEq9r/S45POtr/EYz6Fk+yr3Trt65GyTP9zJkKsr6WC5+YkNRhJQ47MdS2SWmEeIAuK+kFX7BREcdSbGFbP33RttVkea0AcwK+rWbL87YMILUZiK00JTqVlPY2Vtq4WpKRyP31I0bdXah38SBuRF3HxNfk2lNGpxu4inuslXiCiJyF/U+U8ENe18cetTv1Px5Ezps3WiRGHH33sJvG22mkFa1rMF0BKUj2ST8Ae9a50PSI8rpE2jcjPtvITicBsqbWFALQ32qTyPuFAgj5BBB9jUrZbmeHYJWIuc2yumx6vW+lhMu1ntRGVOkFQQFuqSkqISo8c88JP7a43/AAxty9undusrxZvPcdVdW24uQS4FaLRj83KYX41pcbZ7vItJQlSgQnjgE/Y6kb8QHb2/vtmY+6+BuvM5jtDZs5pTLYRyt1Mf/rLHIBPYtnuUUgcKLaQoEaznSfMnbn1V71OXtSuuk7nPR3KWE653PQMeipLcFlfBKQpa1SZKu31zJAP9PqF+hHczbXEME6hFZvmlHXNU262SWdq1OloCmIbniSl1xsnuKFlp1KfR7ihSRyRxrmTCcQzqg256b9wMhvrXAttmtx8ln1llLZZmpxmHODKah2Q3KQWUjzNySl50EI83eCCoa6yZwzHYPUHKyhe5ljvZuCNvp7LtUuLSw6lNahxqRGbs3YzP0B18o8BKFklKlgdiCddDdNu4sLdjYzDNxq7EouMxsgrETGqmIsLZhgqUPGlSUIBA45/pHz8aktXx/wCI1yN+GohE7ancLMokgPV2X7o5Hd1yiFJc/LqdbbT5EqH0qJaUePfoj3zyB0PvFUu3m2t7VR9tafcB2QwkN43bvtMw7BQcSQh1bqFoSkEBfJSr+gcDnjXIf+D2Y/8AdXbCf+5Kz/8AP1vuxe2t/Q7n1Fta9AG0u3LTAkduTUF1AkTYCiytI7ENw21kLBLZ7VggOEnkcjU9b5Zjb7d7K59n+PojKtMaxi0t4SZKCtoyI8Vx1sLSCklPcgcjkevuPnXLO4e2HQP1RbE2u/NnX4XXuTqR2dLySE6iHMr5YZC1fmEsrBU+hfaC24FKV/SOe4cwv1K5jcK/ChxDHt1clYbzuzr6aS3As5zabKXFRO4ae8SleRz9ANFSuCr5Kvfdrp7p92K6e7aZtrvPssrB6+fitM7Cuv5XjRFme7LgtJU3Jdjr+laFAucKClEqPxySd5y3dPPMb6qsL2wXLoThmUYtb2jqVxFpmsSoKmuVF8uePxqS+j12AjsVyfY4lTFc0w3OIT1lhWV01/EjvGM8/Vz2pbbboSFFClNKUArtUk8E88KB+41muB88DTgfPA07U/6R/wAtCNRrsVtbm21NHeVOb7yXu4z9neSbSHNuGQh6DGdCO2IOFqCkoKVEEBKfrIShIAGuTPxkMpxhPTnWYc5kdUm+cyetnpq1TWhLVGDUtJeDJV3lvuBHfxxyCOdS0Mk6Idvs+hb9Ve6u12PWNNjcyknIprStQmbHfdjOgrbjqK3FtqYIQEDk+ZQ9/Txz/u1vK1kyujTM9z84oY11PyxGUzw/OixVRqqUSuG+82FBLSfAW0lR+nuChyTzrfeoLdLbZnrx6aLp3cnGG66rrMlfnSlXcZLMVuVWpVHW4sucIS8lSSgqIDgI7e7nUnWm7G1jfXBQUr25GLon/wAgWNUYqreOHfzr1rAU1G7e/nzLShZS3/WQkkDXNHWhs3lnT7uhN3L2xhrXt5vVZ1dVmdcjv8NdbCew8zP4H0oDi0Ecngd63EevIniadwpUTB/xI8NzrcaUzW4pd7dS8exyxsHEoht3gmFx1lLiyEMvOMEgewXO7tHPPGrFdg9uF+IfdXe1spMmow7bV+kzGwhSfIw/MddcXFhEp5SXmyQvtB5T2qBIIKThvw3NzXqHp/2X2cj1rcmfct5e9PWZJLtR+SsVKAejgdwC1SUp+oo4JT8lY1NHT31CyrvbW7yPf3MsNpZ1Nml3iv55DqaqFIMJ9TSSgSHVHuUEKVx3E8f7HXQiFNuoS42pK0KAUCDyCD99VAA04H7aarqytqWnvYwhXdVDsI4WHA1KYQ8gLHwrtUCORyfevCHi+N19ZJpoGP1seBM7zIitRG0MvdyQlXegDtVyAAeR7A414VuEYbTTEWNRilNClNpKUPxoDLTiQRwQFJSCARrDW+ymzmQWs29vtqMOsrKyYVFmzJdFFefksqPcptxxSCpaCfZBJBPvWUrdvcCpsYOE0+FUMHHiCk1MatZbhEE8keBKQj5APxrAQ+n7YeucrXa/ZXA4y6ZSl1qmcchoMJSldxLJDf6ZKvZKePfvW0ZRiGKZvTO47meMVN/VSOC7Bs4TcqO4R8dzbgKTx9uRrD4Ts/tNtpJlTNudsMTxZ+ahLcp2lpY0Fb6EnlKVqaQkqAJJAPr3rLW2GYjfSjNu8XqLCQUBouyoLTy+wc8J7lJJ49n1/fXgnb/BUS02CMMokykPCQl4VrAcS6DyFhXbyFc++fnnWTuayNdVM2nmlwR50dyM6W1dqghaSlXB+x4J965k/DjlSKXYOVs1bobZutqcmt8VsGAlSFcpkqfad4V7KVofBSvgA8Hgcg66ZuKKkyGKmDfVEKyjpWHUsy46HkBYBAUErBHPBPv+51YwMEwmrntWlbiFJEmM8+OQxXMtuo5BB4WlII9Ej0fudQZvBhPVtlmf5HimJZnQR9tM1pmalqSUpZn4wo8JmyUdqPJJeca8iWeHEpQtxKldvj/UnRqldxbC0Y/gtZXocqKxMSnhyHVR4qS00EMNLW2hRbb+lCSUoUQOSEn41zH0w9IF3gE/KnN+dutpMlNvlljmVVZR0LsZtbKlrZJjo/NREdiEeLuDiV9xVx9I+ddX2NbX28J2utYMeZEfT2usSGkuNuDnnhSVAgj19xrTP5O2t2bwS/exTE8ZwumbiSJk7+F1rMGP9LSuXHEspAJA+/BP2GvnH0x3lfRxth7vqY8TuERaFyswiRSvzWo9NdxpfkeRcsJIWt5QLHYsgsIIH0ey5r6Q72bi1u020eX7kWk9MRnHqaXOSshJUXUNq8SEhf0qWpzsSlJ9FSgPvqNugvbqZtn0obf0dvGQ1az69V3Ydqe0l+a4qT9Q5P1BDiEnj19PwPjXQGmmrS1qqu9q5lJd10WwrrBhyLLiSmUusyGVpKVtuIUClaFJJBSQQQSDrTbDYPYy1vmsptNmcFmXTKmlt2L+Ow3JSFN8Bsh0t9wKeB2nn1wOPjWz2+J4vkD7cq9xyrsXmUlDbkuG08pCSeeAVpJA/sNetNj1DjrLkegpIFa06vyOIhxkMpWrjjuIQACePvrkLq/2x3X3X6gMGpttbPLcTaTiORU8zLK+jEqHFdnpaDLLjyvbSV+BQW42O9sFPCklXKZZ6O576dpYeLz9gJW01jQpbiTqoVqY0GS+AQqTFWPqeQvsCipY7wVcKKv6jOummmmsPbYfid9LTPu8ZqbCShsNJelQWnlhAJISFKSTxySePj2dWCdsNt0KC0YBjaVD4IqY4P8A8NXU3A8JsS0qwxCkkllhEZsvVzK+xlP9LY5SeEj7JHoa85O3mBTFd8vCqF9XjQ1y5WMKPYhIShPtHwlIAA+AAANeqsHwxdgLZeJ0ypoeTIEk17JdDqeOF9/b3dw4HB559DWWlw4k9hUWbGakMr4Km3UBaTwQRyD69EA/7jVhkmK4zmVS9QZdjtZd1kgEPQrGI3JYcBBBCm3AUn0SPY+51+cXxHFMIp2sdwvGaqgqmCS1BrIbcWO2T7JS22Akcn59asarbzb3Fr62zTHsEoay9ueV2lnAqmWpk489x8zqEhbp59/UTyf76+duH7X7xUN//i5lO0OWZ3ilbufkNj/hvbYw229Hi2bxdYu4YVymRIaAIKXyezvKUFsnvP0rp5qbKphWKYMmEJUdt4RpLXieZCkg9i0f5VDngp+xBGrzTTTTTTTTTTTTTTXMm6WP5DsFvyvqcxWnfscMyqBFpdyYEJKlvwwwviLeJaSlSngw2pTbyUfUGvqSlXB10tFlR5sZqZEeQ6y+hLjbiDylaVDkEH7ggg69dNNNNNfkgAeyfX9zrlTeeBddWe6cLYWprbBna3C7diw3Fs5EctMW8pgpejU0YrTy8PIEOPrTwlKQkBXd6PVaEJbQEISEpSOAAOABr9aaaaaaap2jnngc/voAB8AD/bVdNNNNNNNNNNNNNfnsRxx2jj/bVdV000000000000001QjnVdNNNNNNNU441XTTTTTTTTTTTTTTTTTTTTTTTTTTTTTX//Z" width="403" height="53" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="177" height="53" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the add-on for the commodity reference type k;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<img src="data:image/jpg;base64,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" width="34" height="16" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the supervisory factor applicable to the commodity reference type k;</p>
<p class="norm">where the commodity reference type k corresponds to transactions allocated to the hedging set referred to in point (e) of Article 277a(1), excluding transactions concerning electricity,<img src="data:image/jpg;base64,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" width="81" height="16" alt="image">; for transactions concerning electricity,<img src="data:image/jpg;base64,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" width="81" height="16" alt="image"></p>; and</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="117" height="39" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the effective notional amount of the commodity reference type k calculated as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="519" height="65" alt="image"></p>
<p class="norm">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">l</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the risk position.</p>
</td>
</tr></table></td>
</tr></table></div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 280f -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of Article 278, institutions shall calculate the other risks category add-on for a given netting set as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="324" height="65" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn<span class="superscript">Other</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the other risks category add-on;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">є<span class="subscript">j</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the other risk hedging sets established in accordance with point (f) of Article 277a(1) and Article 277a(2) for the netting set; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="132" height="43" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the other risks category add-on for hedging set j calculated in accordance with paragraph 2.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the other risks category add-on for hedging set j as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="414" height="43" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="132" height="43" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the other risks category add-on for hedging set j;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">є<span class="subscript">j</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the hedging set supervisory factor coefficient of hedging set j determined in accordance with Article 280; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">SF<span class="superscript">Other</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the supervisory factor for the other risk category with a value equal to 8 %;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="126" height="43" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the effective notional amount of hedging set j calculated as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="408" height="65" alt="image"></p>
<p class="norm">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">l</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the risk position.</p>
</td>
</tr></table></td>
</tr></table></div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 4 -
Simplified standardised approach for counterparty credit riskArticle 281 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall calculate a single exposure value at netting set level in accordance with Section 3, subject to paragraph 2 of this Article.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The exposure value of a netting set shall be calculated in accordance with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall not apply the treatment referred to in Article 274(6);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">by way of derogation from Article 275(1), for netting sets that are not referred to in Article 275(2), institutions shall calculate the replacement cost in accordance with the following formula:</p>
<p class="list">RC = max{CMV, 0}</p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RC</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the replacement cost; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">CMV</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the current market value.</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">by way of derogation from Article 275(2) of this Regulation, for netting sets of transactions: that are traded on a recognised exchange; that are centrally cleared by a central counterparty authorised in accordance with Article 14 of Regulation (EU) No 648/2012 or recognised in accordance with Article 25 of that Regulation; or for which collateral is exchanged bilaterally with the counterparty in accordance with Article 11 of Regulation (EU) No 648/2012, institutions shall calculate the replacement cost in accordance with the following formula:</p>
<p class="list">RC = TH + MTA</p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RC</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the replacement cost;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">TH</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the margin threshold applicable to the netting set under the margin agreement below which the institution cannot call for collateral; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">MTA</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the minimum transfer amount applicable to the netting set under the margin agreement;</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">by way of derogation from Article 275(3), for multiple netting sets that are subject to a margin agreement, institutions shall calculate the replacement cost as the sum of the replacement cost of each individual netting set, calculated in accordance with paragraph 1 as if they were not margined;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all hedging sets shall be established in accordance with Article 277a(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall set to 1 the multiplier in the formula that is used to calculate the potential future exposure in Article 278(1), as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="223" height="61" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">PFE</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the potential future exposure; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn<span class="superscript">(a)</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the add-on for risk category a;</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">by way of derogation from Article 279a(1), for all transactions, institutions shall calculate the supervisory delta as follows:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="5%"><col width="4%"><col width="91%"><tbody><tr><td rowspan="2" valign="middle">
<p class="tbl-norm">δ =</p>
</td>
<td rowspan="2" valign="middle">
<table width="100%" border="0"><col width="100%"><tbody><tr><td valign="middle" align="center">
<img src="./../../../../resource.html?uri=celex:02013R0575-20230628.ENG.xhtml.l1.jpg" width="16" height="80" alt="left accolade"></td>
</tr></tbody></table></td>
<td valign="top">
<p class="tbl-norm">+ 1 where the transaction is a long position in the primary risk driver</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">– 1 where the transaction is a short position in the primary risk driver</p>
</td>
</tr></tbody></table></div>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">δ</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the supervisory delta;</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the formula referred to in point (a) of Article 279b(1) that is used to compute the supervisory duration factor shall read as follows:</p>
<p class="list">supervisory duration factor = E – S</p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">E</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the period between the end date of a transaction and the reporting date; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">S</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the period between the start date of a transaction and the reporting date;</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the maturity factor referred to in Article 279c(1) shall be calculated as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for transactions included in netting sets referred to in Article 275(1), MF = 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for transactions included in netting sets referred to in Article 275(2) and (3), MF = 0,42;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the formula referred to in Article 280a(3) that is used to calculate the effective notional amount of hedging set j shall read as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="344" height="42" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="100" height="42" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the effective notional amount of hedging set j; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">D<span class="subscript">j,k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the effective notional amount of bucket k of hedging set j;</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the formula referred to in Article 280c(3) that is used to calculate the credit risk category add-on for hedging set j shall read as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="391" height="61" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="136" height="43" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the credit risk category add-on for hedging set j; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn(Entity<span class="subscript">k</span>)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the add-on for the credit reference entity k;</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the formula referred to in Article 280d(3) that is used to calculate the equity risk category add-on for hedging set j shall read as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="395" height="62" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="140" height="44" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the equity risk category add-on for hedging set j; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">AddOn(Entity<span class="subscript">k</span>)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the add-on for the credit reference entity k;</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(m) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the formula referred to in Article 280e(4) that is used to calculate the commodity risk category add-on for hedging set j shall read as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="376" height="66" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="124" height="43" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the commodity risk category add-on for hedging set j; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="177" height="53" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the add-on for the commodity reference type k.</p>
</td>
</tr></table></div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 5 -
Original exposure methodArticle 282 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions may calculate a single exposure value for all the transactions within a contractual netting agreement where all the conditions set out in Article 274(1) are met. Otherwise, institutions shall calculate an exposure value separately for each transaction, which shall be treated as its own netting set.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The exposure value of a netting set or a transaction shall be the product of 1,4 times the sum of the current replacement cost and the potential future exposure.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The current replacement cost referred to in paragraph 2 shall be calculated as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for netting sets of transactions: that are traded on a recognised exchange; centrally cleared by a central counterparty authorised in accordance with Article 14 of Regulation (EU) No 648/2012 or recognised in accordance with Article 25 of that Regulation; or for which collateral is exchanged bilaterally with the counterparty in accordance with Article 11 of Regulation (EU) No 648/2012, institutions shall use the following formula:</p>
<p class="list">RC = TH + MTA</p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RC</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the replacement cost;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">TH</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the margin threshold applicable to the netting set under the margin agreement below which the institution cannot call for collateral; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">MTA</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the minimum transfer amount applicable to the netting set under the margin agreement;</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for all other netting sets or individual transactions, institutions shall use the following formula:</p>
<p class="list">RC = max{CMV, 0}</p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RC</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the replacement cost; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">CMV</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the current market value.</p>
</td>
</tr></table></div>
</div>
</div>
</div>
<p class="norm">In order to calculate the current replacement cost, institutions shall update current market values at least monthly.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the potential future exposure referred to in paragraph 2 as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the potential future exposure of a netting set is the sum of the potential future exposure of all the transactions included in the netting set, calculated in accordance with point (b);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the potential future exposure of a single transaction is its notional amount multiplied by:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the product of 0,5 % and the residual maturity of the transaction expressed in years for interest-rate derivative contracts;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the product of 6 % and the residual maturity of the transaction expressed in years for credit derivative contracts;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">4 % for foreign-exchange derivatives;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">18 % for gold and commodity derivatives other than electricity derivatives;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">40 % for electricity derivatives;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(vi) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">32 % for equity derivatives;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the notional amount referred to in point (b) of this paragraph shall be determined in accordance with Article 279b(2) and (3) for all derivatives listed in that point; in addition, the notional amount of the derivatives referred to in points (b)(iii) to (b)(vi) of this paragraph shall be determined in accordance with points (b) and (c) of Article 279b(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the potential future exposure of netting sets referred to in point (a) of paragraph 3 shall be multiplied by 0,42.</p>
</div>
</div>
</div>
</div>
<p class="norm">For calculating the potential exposure of interest-rate derivatives and credit derivatives in accordance with points b(i) and (b)(ii), an institution may choose to use the original maturity instead of the residual maturity of the contracts.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 6 -
Internal Model MethodArticle 283 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Provided that the competent authorities are satisfied that the requirement in paragraph 2 have been met by an institution, they shall permit that institution to use the Internal Model Method (IMM) to calculate the exposure value for any of the following transactions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">transactions in Article 273(2)(a);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">transactions in Article 273(2)(b), (c) and (d);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">transactions in Article 273(2)(a) to (d),</p>
</div>
</div>
</div>
</div>
<p class="norm">Where an institution is permitted to use the IMM to calculate exposure value for any of the transactions mentioned in points (a) to (c) of the first subparagraph, it may also use the IMM for the transactions in Article 273(2)(e).</p>
<p class="norm">Notwithstanding the third subparagraph of Article 273(1), an institution may choose not to apply this method to exposures that are immaterial in size and risk. In such case, an institution shall apply one of the methods set out in Sections 3 to 5 to these exposures where the relevant requirements for each approach are met.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Competent authorities shall permit institutions to use IMM for the calculations referred to in paragraph 1 only if the institution has demonstrated that it complies with the requirements set out in this Section, and the competent authorities verified that the systems for the management of CCR maintained by the institution are sound and properly implemented.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The competent authorities may permit institutions for a limited period to implement the IMM sequentially across different transaction types. During this period of sequential implementation institutions may use the methods set out in Section 3 or Section 5 for transaction type for which they do not use the IMM.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For all OTC derivative transactions, and for long settlement transactions for which an institution has not received permission under paragraph 1 to use the IMM, the institution shall use the methods set out in Section 3. Those methods may be used in combination on a permanent basis within a group.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">An institution which is permitted in accordance with paragraph 1 to use the IMM shall not revert to the use of the methods set out in Section 3 or Section 5 unless it is permitted by the competent authority to do so. Competent authorities shall give such permission if the institution demonstrates good cause.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">If an institution ceases to comply with the requirements laid down in this Section, it shall notify the competent authority and do one of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">present to the competent authority a plan for a timely return to compliance;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">demonstrate to the satisfaction of the competent authority that the effect of non-compliance is immaterial.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 284 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Where an institution is permitted, in accordance with Article 283(1), to use the IMM to calculate the exposure value of some or all transactions mentioned in that paragraph, it shall measure the exposure value of those transactions at the level of the netting set.</div>
</div>
<p class="norm inline-element">The model used by the institution for that purpose shall:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">specify the forecasting distribution for changes in the market value of the netting set attributable to joint changes in relevant market variables, such as interest rates, foreign exchange rates;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">calculate the exposure value for the netting set at each of the future dates on the basis of the joint changes in the market variables.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">In order for the model to capture the effects of margining, the model of the collateral value shall meet the quantitative, qualitative and data requirements for the IMM in accordance with this Section and the institution may include in its forecasting distributions for changes in the market value of the netting set only eligible financial collateral as referred to in Articles 197 and 198 and points (c) and (d) of Article 299(2).</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The own funds requirement for counterparty credit risk with respect to the CCR exposures to which an institution applies the IMM, shall be the higher of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirement for those exposures calculated on the basis of Effective EPE using current market data;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirement for those exposures calculated on the basis of Effective EPE using a single consistent stress calibration for all CCR exposures to which they apply the IMM.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Except for counterparties identified as having Specific Wrong-Way risk that fall within the scope of Article 291(4) and (5), institutions shall calculate the exposure value as the product of alpha (α) times Effective EPE, as follows:</p>
<p class="norm inline-element">
<span class="italics">Exposure value = α · Effective EPE</span>
</p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">α</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">1.4, unless competent authorities require a higher α or permit institutions to use their own estimates in accordance with paragraph 9;</p>
</td>
</tr></table></div>
</div>
<p class="norm">Effective EPE shall be calculated by estimating expected exposure (EEt) as the average exposure at future date t, where the average is taken across possible future values of relevant market risk factors.</p>
<p class="norm">The model shall estimate EE at a series of future dates t1, t2, t3, etc.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Effective EE shall be calculated recursively as:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="489" height="35" alt="image"></p>
<p class="norm inline-element">where:</p>
<div class="list">the current date is denoted as t<span class="subscript">0</span>;</div>
<div class="list">Effective EE<span class="subscript">t0</span> equals current exposure.</div>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">Effective EPE is the average Effective EE during the first year of future exposure. If all contracts in the netting set mature within less than one year, EPE shall be the average of EE until all contracts in the netting set mature. Effective EPE shall be calculated as a weighted average of Effective EE:</p>
<p class="container-center">
<img 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" width="804" height="83" alt="image"></p>
where the weights <p class="container-center">
<img src="data:image/jpg;base64,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" width="183" height="32" alt="image"></p> allow for the case when future exposure is calculated at dates that are not equally spaced over time.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">Institutions shall calculate EE or peak exposure measures on the basis of a distribution of exposures that accounts for the possible non-normality of the distribution of exposures.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">An institution may use a measure of the distribution calculated by the IMM that is more conservative than α multiplied by Effective EPE as calculated in accordance with the equation in paragraph 4 for every counterparty.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">
<p class="norm inline-element">Notwithstanding paragraph 4, competent authorities may permit institutions to use their own estimates of alpha, where:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">alpha shall equal the ratio of internal capital from a full simulation of CCR exposure across counterparties (numerator) and internal capital based on EPE (denominator);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in the denominator, EPE shall be used as if it were a fixed outstanding amount.</p>
</div>
</div>
</div>
</div>
<p class="norm">When estimated in accordance with this paragraph, alpha shall be no lower than 1,2.</p>
<div class="norm">
<span class="no-parag">10. </span>
<div class="norm inline-element">For the purposes of an estimate of alpha under paragraph 9, an institution shall ensure that the numerator and denominator are calculated in a manner consistent with the modelling methodology, parameter specifications and portfolio composition. The approach used to estimate α shall be based on the institution's internal capital approach, be well documented and be subject to independent validation. In addition, an institution shall review its estimates of alpha on at least a quarterly basis, and more frequently when the composition of the portfolio varies over time. An institution shall also assess the model risk.</div>
</div>
<div class="norm">
<span class="no-parag">11. </span>
<div class="norm inline-element">An institution shall demonstrate to the satisfaction of the competent authorities that its internal estimates of alpha capture in the numerator material sources of dependency of distribution of market values of transactions or of portfolios of transactions across counterparties. Internal estimates of alpha shall take account of the granularity of portfolios.</div>
</div>
<div class="norm">
<span class="no-parag">12. </span>
<div class="norm inline-element">In supervising the use of estimates under paragraph 9, competent authorities shall have regard to the significant variation in estimates of alpha that arises from the potential for mis-specification in the models used for the numerator, especially where convexity is present.</div>
</div>
<div class="norm">
<span class="no-parag">13. </span>
<div class="norm inline-element">Where appropriate, volatilities and correlations of market risk factors used in the joint modelling of market and credit risk shall be conditioned on the credit risk factor to reflect potential increases in volatility or correlation in an economic downturn.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 285 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">If the netting set is subject to a margin agreement and daily mark-to-market valuation, the institution shall calculate Effective EPE as set out in this paragraph. If the model captures the effects of margining when estimating EE, the institution may, subject to the permission of the competent authority, use the model's EE measure directly in the equation in Article 284(5). Competent authorities shall grant such permission only if they verify that the model properly captures the effects of margining when estimating EE. An institution that has not received such permission shall use one of the following Effective EPE measures:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Effective EPE, calculated without taking into account any collateral held or posted by way of margin plus any collateral that has been posted to the counterparty independent of the daily valuation and margining process or current exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">Effective EPE, calculated as the potential increase in exposure over the margin period of risk, plus the larger of:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the current exposure including all collateral currently held or posted, other than collateral called or in dispute;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the largest net exposure, including collateral under the margin agreement, that would not trigger a collateral call. This amount shall reflect all applicable thresholds, minimum transfer amounts, independent amounts and initial margins under the margin agreement.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of point (b), institutions shall calculate the add-on as the expected positive change of the mark-to-market value of the transactions during the margin period of risk. Changes in the value of collateral shall be reflected using the Supervisory Volatility Adjustments Approach in accordance with Section 4 of Chapter 4 or the own estimates of volatility adjustments of the Financial Collateral Comprehensive Method, but no collateral payments shall be assumed during the margin period of risk. The margin period of risk is subject to the minimum periods set out in paragraphs 2 to 5.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For transactions subject to daily re-margining and mark-to-market valuation, the margin period of risk used for the purpose of modelling the exposure value with margin agreements shall not be less than:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">5 business days for netting sets consisting only of repurchase transactions, securities or commodities lending or borrowing transactions and margin lending transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">10 business days for all other netting sets.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Points (a) and (b) of paragraph 2 shall be subject to the following exceptions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for all netting sets where the number of trades exceeds 5 000 at any point during a quarter, the margin period of risk for the following quarter shall not be less than 20 business days. This exception shall not apply to institutions' trade exposures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for netting sets containing one or more trades involving either illiquid collateral, or an OTC derivative that cannot be easily replaced, the margin period of risk shall not be less than 20 business days.</p>
</div>
</div>
</div>
</div>
<p class="norm">An institution shall determine whether collateral is illiquid or whether OTC derivatives cannot be easily replaced in the context of stressed market conditions, characterised by the absence of continuously active markets where a counterparty would, within two days or fewer, obtain multiple price quotations that would not move the market or represent a price reflecting a market discount (in the case of collateral) or premium (in the case of an OTC derivative).</p>
<p class="norm">An institution shall consider whether trades or securities it holds as collateral are concentrated in a particular counterparty and if that counterparty exited the market precipitously whether the institution would be able to replace those trades or securities.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">If an institution has been involved in more than two margin call disputes on a particular netting set over the immediately preceding two quarters that have lasted longer than the applicable margin period of risk under paragraphs 2 and 3, the institution shall use a margin period of risk that is at least double the period specified in paragraphs 2 and 3 for that netting set for the subsequent two quarters.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">For re-margining with a periodicity of N days, the margin period of risk shall be at least equal to the period specified in paragraphs 2 and 3, F, plus N days minus one day. That is:</p>
<p class="norm inline-element">
<span class="italics">Margin Period of Risk</span> = <span class="italics">F + N</span> – 1</p>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">If the internal model includes the effect of margining on changes in the market value of the netting set, an institution shall model collateral, other than cash of the same currency as the exposure itself, jointly with the exposure in its exposure value calculations for OTC derivatives and securities-financing transactions.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">If an institution is not able to model collateral jointly with the exposure, it shall not recognise in its exposure value calculations for OTC derivatives and securities-financing transactions the effect of collateral other than cash of the same currency as the exposure itself, unless it uses either volatility adjustments that meet the standards of the financial collateral comprehensive Method with own volatility adjustments estimates or the standard Supervisory Volatility Adjustments Approach in accordance with Chapter 4.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">An institution using the IMM shall ignore in its models the effect of a reduction of the exposure value due to any clause in a collateral agreement that requires receipt of collateral when counterparty credit quality deteriorates.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 286 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall establish and maintain a CCR management framework, consisting of:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">policies, processes and systems to ensure the identification, measurement, management, approval and internal reporting of CCR;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">procedures for ensuring that those policies, processes and systems are complied with.</p>
</div>
</div>
</div>
</div>
<p class="norm">Those policies, processes and systems shall be conceptually sound, implemented with integrity and documented. The documentation shall include an explanation of the empirical techniques used to measure CCR.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The CCR management framework required by paragraph 1 shall take account of market, liquidity, and legal and operational risks that are associated with CCR. In particular, the framework shall ensure that the institution complies with the following principles:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it does not undertake business with a counterparty without assessing its creditworthiness;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it takes due account of settlement and pre-settlement credit risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it manages such risks as comprehensively as practicable at the counterparty level by aggregating CCR exposures with other credit exposures and at the firm-wide level.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution using the IMM shall ensure that its CCR management framework accounts to the satisfaction of the competent authority for the liquidity risks of all of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">potential incoming margin calls in the context of exchanges of variation margin or other margin types, such as initial or independent margin, under adverse market shocks;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">potential incoming calls for the return of excess collateral posted by counterparties;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">calls resulting from a potential downgrade of its own external credit quality assessment.</p>
</div>
</div>
</div>
</div>
<p class="norm">An institution shall ensure that the nature and horizon of collateral re-use is consistent with its liquidity needs and does not jeopardise its ability to post or return collateral in a timely manner.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">An institution's management body and senior management shall be actively involved in, and ensure that adequate resources are allocated to, the management of CCR. Senior management shall be aware of the limitations and assumptions of the model used and the impact those limitations and assumptions can have on the reliability of the output through a formal process. Senior management shall be also aware of the uncertainties of the market environment and operational issues and of how these are reflected in the model.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The daily reports prepared on an institution's exposures to CCR in accordance with Article 287(2)(b) shall be reviewed by a level of management with sufficient seniority and authority to enforce both reductions of positions taken by individual credit managers or traders and reductions in the institution's overall CCR exposure.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">An institution's CCR management framework established in accordance with paragraph 1 shall be used in conjunction with internal credit and trading limits. Credit and trading limits shall be related to the institution's risk measurement model in a manner that is consistent over time and that is well understood by credit managers, traders and senior management. An institution shall have a formal process to report breaches of risk limits to the appropriate level of management.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">An institution's measurement of CCR shall include measuring daily and intra-day use of credit lines. The institution shall measure current exposure gross and net of collateral. At portfolio and counterparty level, the institution shall calculate and monitor peak exposure or potential future exposure at the confidence interval chosen by the institution. The institution shall take account of large or concentrated positions, including by groups of related counterparties, by industry and by market.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">An institution shall establish and maintain a routine and rigorous program of stress testing. The results of that stress testing shall be reviewed regularly and at least quarterly by senior management and shall be reflected in the CCR policies and limits set by the management body or senior management. Where stress tests reveal particular vulnerability to a given set of circumstances, the institution shall take prompt steps to manage those risks.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 287 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution using the IMM shall establish and maintain:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a risk control unit that complies with paragraph 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a collateral management unit that complies with paragraph 3.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The risk control unit shall be responsible for the design and implementation of its CCR management, including the initial and on-going validation of the model, and shall carry out the following functions and meet the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall be responsible for the design and implementation of the CCR management system of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall produce daily reports on and analyse the output of the institution's risk measurement model. That analysis shall include an evaluation of the relationship between measures of CCR exposure values and trading limits;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall control input data integrity and produce and analyse reports on the output of the institution's risk measurement model, including an evaluation of the relationship between measures of risk exposure and credit and trading limits;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall be independent from units responsible for originating, renewing or trading exposures and free from undue influence;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall be adequately staffed;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall report directly to the senior management of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">its work shall be closely integrated into the day-to-day credit risk management process of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">its output shall be an integral part of the process of planning, monitoring and controlling the institution's credit and overall risk profile.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The collateral management unit shall carry out the following tasks and functions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">calculating and making margin calls, managing margin call disputes and reporting levels of independent amounts, initial margins and variation margins accurately on a daily basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">controlling the integrity of the data used to make margin calls, and ensuring that it is consistent and reconciled regularly with all relevant sources of data within the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">tracking the extent of re-use of collateral and any amendment of the rights of the institution to or in connection with the collateral that it posts;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">reporting to the appropriate level of management the types of collateral assets that are reused, and the terms of such reuse including instrument, credit quality and maturity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">tracking concentration to individual types of collateral assets accepted by the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">reporting collateral management information on a regular basis, but at least quarterly, to senior management, including information on the type of collateral received and posted, the size, aging and cause for margin call disputes. That internal reporting shall also reflect trends in these figures.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Senior management shall allocate sufficient resources to the collateral management unit required under paragraph 1(b) to ensure that its systems achieve an appropriate level of operational performance, as measured by the timeliness and accuracy of margin calls by the institution and the timeliness of the response of the institution to margin calls by its counterparties. Senior management shall ensure that the unit is adequately staffed to process calls and disputes in a timely manner even under severe market crisis, and to enable the institution to limit its number of large disputes caused by trade volumes.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 288 -
<p class="norm">An institution shall regularly conduct an independent review of its CCR management system through its internal auditing process. That review shall include both the activities of the control and collateral management units required by Article 287 and shall specifically address, as a minimum:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the adequacy of the documentation of the CCR management system and process required by Article 286;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the organisation of the CCR control unit required by Article 287(1)(a);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the organisation of the collateral management unit required by Article 287(1)(b);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the integration of CCR measures into daily risk management;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the approval process for risk pricing models and valuation systems used by front and back-office personnel;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the validation of any significant change in the CCR measurement process;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the scope of CCR captured by the risk measurement model;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the integrity of the management information system;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the accuracy and completeness of CCR data;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the accurate reflection of legal terms in collateral and netting agreements into exposure value measurements;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the verification of the consistency, timeliness and reliability of data sources used to run models, including the independence of such data sources;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the accuracy and appropriateness of volatility and correlation assumptions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(m) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the accuracy of valuation and risk transformation calculations;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(n) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the verification of the model's accuracy through frequent back-testing as set out in points (b) to (e) of Article 293(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(o) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the compliance of the CCR control unit and collateral management unit with the relevant regulatory requirements.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 289 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall ensure that the distribution of exposures generated by the model used to calculate Effective EPE is closely integrated into the day-to-day CCR management process of the institution, and that the output of the model is taken into account in the process of credit approval, CCR management, internal capital allocation and corporate governance.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The institution shall demonstrate to the satisfaction of the competent authorities that it has been using a model to calculate the distribution of exposures upon which the EPE calculation is based that meets, broadly, the requirements set out in this Section for at least one year prior to permission to use the IMM by the competent authorities in accordance with Article 283.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The model used to generate a distribution of exposures to CCR shall be part of the CCR management framework required by Article 286. This framework shall include the measurement of usage of credit lines, aggregating CCR exposures with other credit exposures and internal capital allocation.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">In addition to EPE, an institution shall measure and manage current exposures. Where appropriate, the institution shall measure current exposure gross and net of collateral. The use test is satisfied if an institution uses other CCR measures, such as peak exposure, based on the distribution of exposures generated by the same model to compute EPE.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">An institution shall have the systems capability to estimate EE daily if necessary, unless it demonstrates to the satisfaction of its competent authorities that its exposures to CCR warrant less frequent calculation. The institution shall estimate EE along a time profile of forecasting horizons that adequately reflects the time structure of future cash flows and maturity of the contracts and in a manner that is consistent with the materiality and composition of the exposures.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Exposure shall be measured, monitored and controlled over the life of all contracts in the netting set and not only to the one-year horizon. The institution shall have procedures in place to identify and control the risks for counterparties where the exposure rises beyond the one-year horizon. The forecast increase in exposure shall be an input into the institution's internal capital model.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 290 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An institution shall have a comprehensive stress testing programme for CCR, including for use in assessment of own funds requirements for CCR, which complies with the requirements laid down in paragraphs 2 to 10.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">It shall identify possible events or future changes in economic conditions that could have unfavourable effects on an institution's credit exposures and assess the institution's ability to withstand such changes.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The stress measures under the programme shall be compared against risk limits and considered by the institution as part of the process set out in Article 81 of Directive 2013/36/EU.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The programme shall comprehensively capture trades and aggregate exposures across all forms of counterparty credit risk at the level of specific counterparties in a sufficient time frame to conduct regular stress testing.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">It shall provide for at least monthly exposure stress testing of principal market risk factors such as interest rates, FX, equities, credit spreads, and commodity prices for all counterparties of the institution, in order to identify, and enable the institution when necessary to reduce outsized concentrations in specific directional risks. Exposure stress testing -including single factor, multifactor and material non-directional risks- and joint stressing of exposure and creditworthiness shall be performed at the counterparty-specific, counterparty group and aggregate institution-wide CCR levels.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">It shall apply at least quarterly multifactor stress testing scenarios and assess material non-directional risks including yield curve exposure and basis risks. Multiple-factor stress tests shall, at a minimum, address the following scenarios in which the following occurs:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">severe economic or market events have occurred;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">broad market liquidity has decreased significantly;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a large financial intermediary is liquidating positions.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">The severity of the shocks of the underlying risk factors shall be consistent with the purpose of the stress test. When evaluating solvency under stress, the shocks of the underlying risk factors shall be sufficiently severe to capture historical extreme market environments and extreme but plausible stressed market conditions. The stress tests shall evaluate the impact of such shocks on own funds, own funds requirements and earnings. For the purpose of day-to-day portfolio monitoring, hedging, and management of concentrations the testing programme shall also consider scenarios of lesser severity and higher probability.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">The programme shall include provision, where appropriate, for reverse stress tests to identify extreme, but plausible, scenarios that could result in significant adverse outcomes. Reverse stress testing shall account for the impact of material non-linearity in the portfolio.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">The results of the stress testing under the programme shall be reported regularly, at least on a quarterly basis, to senior management. The reports and analysis of the results shall cover the largest counterparty-level impacts across the portfolio, material concentrations within segments of the portfolio (within the same industry or region), and relevant portfolio and counterparty specific trends.</div>
</div>
<div class="norm">
<span class="no-parag">10. </span>
<div class="norm inline-element">Senior management shall take a lead role in the integration of stress testing into the risk management framework and risk culture of the institution and ensure that the results are meaningful and used to manage CCR. The results of stress testing for significant exposures shall be assessed against guidelines that indicate the institution's risk appetite, and referred to senior management for discussion and action when excessive or concentrated risks are identified.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 291 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Article:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘General Wrong-Way risk’ arises when the likelihood of default by counterparties is positively correlated with general market risk factors;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘Specific Wrong-Way risk’ arises when future exposure to a specific counterparty is positively correlated with the counterparty's PD due to the nature of the transactions with the counterparty. An institution shall be considered to be exposed to Specific Wrong-Way risk if the future exposure to a specific counterparty is expected to be high when the counterparty's probability of a default is also high.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">An institution shall give due consideration to exposures that give rise to a significant degree of Specific and General Wrong-Way risk.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">In order to identify General Wrong-Way risk, an institution shall design stress testing and scenario analyses to stress risk factors that are adversely related to counterparty creditworthiness. Such testing shall address the possibility of severe shocks occurring when relationships between risk factors have changed. An institution shall monitor General Wrong Way risk by product, by region, by industry, or by other categories that are relevant to the business.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">An institution shall maintain procedures to identify, monitor and control cases of Specific Wrong-Way risk for each legal entity, beginning at the inception of a transaction and continuing through the life of the transaction.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the own funds requirements for CCR in relation to transactions where Specific Wrong-Way risk has been identified and where there exists a legal connection between the counterparty and the issuer of the underlying of the OTC derivative or the underlying of the transactions referred to in points (b), (c) and (d) of Article 273(2)), in accordance with the following principles:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instruments where Specific Wrong-Way risk exists shall not be included in the same netting set as other transactions with the counterparty, and shall each be treated as a separate netting set;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">within any such separate netting set, for single-name credit default swaps the exposure value equals the full expected loss in the value of the remaining fair value of the underlying instruments based on the assumption that the underlying issuer is in liquidation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">LGD for an institution using the approach set out in Chapter 3 shall be 100 % for such swap transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for an institution using the approach set out in Chapter 2, the applicable risk weight shall be that of an unsecured transaction;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for all other transactions referencing a single name in any such separate netting set, the calculation of the exposure value shall be consistent with the assumption of a jump-to-default of those underlying obligations where the issuer is legally connected with the counterparty. For transactions referencing a basket of names or index, the jump-to-default of the respective underlying obligations where the issuer is legally connected with the counterparty, shall be applied, if material;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to the extent that this uses existing market risk calculations for own funds requirements for incremental default and migration risk as set out in Title IV, Chapter 5, Section 4 that already contain an LGD assumption, the LGD in the formula used shall be 100 %.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Institutions shall provide senior management and the appropriate committee of the management body with regular reports on both Specific and General Wrong-Way risks and the steps being taken to manage those risks.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 292 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall ensure the integrity of modelling process as set out in Article 284 by adopting at least the following measures:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the model shall reflect transaction terms and specifications in a timely, complete, and conservative fashion;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">those terms shall include at least contract notional amounts, maturity, reference assets, margining arrangements and netting arrangements;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">those terms and specifications shall be maintained in a database that is subject to formal and periodic audit;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a process for recognising netting arrangements that requires legal staff to verify that netting under those arrangements is legally enforceable;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the verification required under point (d) shall be entered into the database mentioned in point (c) by an independent unit;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the transmission of transaction terms and specification data to the EPE model shall be subject to internal audit;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there shall be processes for formal reconciliation between the model and source data systems to verify on an ongoing basis that transaction terms and specifications are being reflected in EPE correctly or at least conservatively.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Current market data shall be used to determine current exposures. An institution may calibrate its EPE model using either historic market data or market implied data to establish parameters of the underlying stochastic processes, such as drift, volatility and correlation. If an institution uses historical data, it shall use at least three years of such data. The data shall be updated at least quarterly, and more frequently if necessary to reflect market conditions.</div>
</div>
<p class="norm">To calculate the Effective EPE using a stress calibration, an institution shall calibrate Effective EPE using either three years of data that includes a period of stress to the credit default spreads of its counterparties or market implied data from such a period of stress.</p>
<p class="norm">The requirements in paragraphs 3, 4 and 5 shall be applied by the institution for that purpose.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">An institution shall demonstrate to the satisfaction of the competent authority, at least quarterly, that the stress period used for the calculation under this paragraph coincides with a period of increased credit default swap or other credit (such as loan or corporate bond) spreads for a representative selection of its counterparties with traded credit spreads. In situations where the institution does not have adequate credit spread data for a counterparty, it shall map that counterparty to specific credit spread data based on region, internal rating and business types.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The EPE model for all counterparties shall use data, either historic or implied, that include the data from the stressed credit period and shall use such data in a manner consistent with the method used for the calibration of the EPE model to current data.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">To evaluate the effectiveness of its stress calibration for EEPE, an institution shall create several benchmark portfolios that are vulnerable to the main risk factors to which the institution is exposed. The exposure to these benchmark portfolios shall be calculated using (a) a stress methodology, based on current market values and model parameters calibrated to stressed market conditions, and (b) the exposure generated during the stress period, but applying the method set out in this Section (end of stress period market value, volatilities, and correlations from the 3-year stress period).</div>
</div>
<p class="norm">The competent authorities shall require an institution to adjust the stress calibration if the exposures of those benchmark portfolios deviate substantially from each other.</p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall subject the model to a validation process that is clearly articulated in the institutions' policies and procedures. That validation process shall:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">specify the kind of testing needed to ensure model integrity and identify conditions under which the assumptions underlying the model are inappropriate and may therefore result in an understatement of EPE;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">include a review of the comprehensiveness of the model.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall monitor the relevant risks and have processes in place to adjust its estimation of Effective EPE when those risks become significant. In complying with this paragraph, the institution shall:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">identify and manage its exposures to Specific Wrong-Way risk arising as specified in Article 291(1)(b) and exposures to General Wrong-Way risk arising as specified in Article 291(1)(a);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for exposures with a rising risk profile after one year, compare on a regular basis the estimate of a relevant measure of exposure over one year with the same exposure measure over the life of the exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for exposures with a residual maturity below one year, compare on a regular basis the replacement cost (current exposure) and the realised exposure profile, and store data that would allow such a comparison.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">An institution shall have internal procedures to verify that, prior to including a transaction in a netting set, the transaction is covered by a legally enforceable netting contract that meets the requirements set out in Section 7.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">An institution that uses collateral to mitigate its CCR shall have internal procedures to verify that, prior to recognising the effect of collateral in its calculations, the collateral meets the legal certainty standards set out in Chapter 4.</div>
</div>
<div class="norm">
<span class="no-parag">10. </span>
<div class="norm inline-element">EBA shall monitor the range of practices in this area and shall, in accordance with Article 16 of Regulation (EU) No 1093/2010, issue guidelines on the application of this Article.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 293 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall comply with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall meet the qualitative requirements set out in Part Three, Title IV, Chapter 5;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall conduct a regular programme of back-testing, comparing the risk measures generated by the model with realised risk measures, and hypothetical changes based on static positions with realised measures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall carry out an initial validation and an on-going periodic review of its CCR exposure model and the risk measures generated by it. The validation and review shall be independent of the model development;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the management body and senior management shall be involved in the risk control process and shall ensure that adequate resources are devoted to credit and counterparty credit risk control. In this regard, the daily reports prepared by the independent risk control unit established in accordance Article 287(1)(a) shall be reviewed by a level of management with sufficient seniority and authority to enforce both reductions of positions taken by individual traders and reductions in the overall risk exposure of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the internal risk measurement exposure model shall be integrated into the day-to-day risk management process of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk measurement system shall be used in conjunction with internal trading and exposure limits. In this regard, exposure limits shall be related to the institution's risk measurement model in a manner that is consistent over time and that is well understood by traders, the credit function and senior management;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall ensure that its risk management system is well documented. In particular, it shall maintain a documented set of internal policies, controls and procedures concerning the operation of the risk measurement system, and arrangements to ensure that those policies are complied with;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an independent review of the risk measurement system shall be carried out regularly in the institution's own internal auditing process. This review shall include both the activities of the business trading units and of the independent risk control unit. A review of the overall risk management process shall take place at regular intervals (and no less than once a year) and shall specifically address, as a minimum, all items referred to in Article 288;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the on-going validation of counterparty credit risk models, including back-testing, shall be reviewed periodically by a level of management with sufficient authority to decide the action that will be taken to address weaknesses in the models.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Competent authorities shall take into account the extent to which an institution meets the requirements of paragraph 1 when setting the level of alpha, as set out in Article 284(4). Only those institutions that comply fully with those requirements shall be eligible for application of the minimum multiplication factor.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">An institution shall document the process for initial and on-going validation of its CCR exposure model and the calculation of the risk measures generated by the models to a level of detail that would enable a third party to recreate, respectively, the analysis and the risk measures. That documentation shall set out the frequency with which back testing analysis and any other on-going validation will be conducted, how the validation is conducted with respect to data flows and portfolios and the analyses that are used.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">An institution shall define criteria with which to assess its CCR exposure models and the models that input into the calculation of exposure and maintain a written policy that describes the process by which unacceptable performance will be identified and remedied.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">An institution shall define how representative counterparty portfolios are constructed for the purposes of validating an CCR exposure model and its risk measures.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">The validation of CCR exposure models and their risk measures that produce forecast distributions shall consider more than a single statistic of the forecast distribution.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 294 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">As part of the initial and on-going validation of its CCR exposure model and its risk measures, an institution shall ensure that the following requirements are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall carry out back-testing using historical data on movements in market risk factors prior to the permission by the competent authorities in accordance with Article 283(1). That back-testing shall consider a number of distinct prediction time horizons out to at least one year, over a range of various initialisation dates and covering a wide range of market conditions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution using the approach set out in Article 285(1)(b) shall regularly validate its model to test whether realised current exposures are consistent with prediction over all margin periods within one year. If some of the trades in the netting set have a maturity of less than one year, and the netting set has higher risk factor sensitivities without these trades, the validation shall take this into account;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall back-test the performance of its CCR exposure model and the model's relevant risk measures as well as the market risk factor predictions. For collateralised trades, the prediction time horizons considered shall include those reflecting typical margin periods of risk applied in collateralised or margined trading;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if the model validation indicates that Effective EPE is underestimated, the institution shall take the action necessary to address the inaccuracy of the model;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall test the pricing models used to calculate CCR exposure for a given scenario of future shocks to market risk factors as part of the initial and on-going model validation process. Pricing models for options shall account for the nonlinearity of option value with respect to market risk factors;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the CCR exposure model shall capture the transaction-specific information necessary to be able to aggregate exposures at the level of the netting set. An institution shall verify that transactions are assigned to the appropriate netting set within the model;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the CCR exposure model shall include transaction-specific information to capture the effects of margining. It shall take into account both the current amount of margin and margin that would be passed between counterparties in the future. Such a model shall account for the nature of margin agreements that are unilateral or bilateral, the frequency of margin calls, the margin period of risk, the minimum threshold of un-margined exposure the institution is willing to accept, and the minimum transfer amount. Such a model shall either estimate the mark-to-market change in the value of collateral posted or apply the rules set out in Chapter 4;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the model validation process shall include static, historical back-testing on representative counterparty portfolios. An institution shall conduct such back-testing on a number of representative counterparty portfolios that are actual or hypothetical at regular intervals. Those representative portfolios shall be chosen on the basis of their sensitivity to the material risk factors and combinations of risk factors to which the institution is exposed;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall conduct back-testing that is designed to test the key assumptions of the CCR exposure model and the relevant risk measures, including the modelled relationship between tenors of the same risk factor, and the modelled relationships between risk factors;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(j) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the performance of CCR exposure models and its risk measures shall be subject to appropriate back-testing practice. The back testing programme shall be capable of identifying poor performance in an EPE model's risk measures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(k) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall validate its CCR exposure models and all risk measures out to time horizons commensurate with the maturity of trades for which exposure is calculated using IMM in accordance to the Article 283;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(l) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall regularly test the pricing models used to calculate counterparty exposure against appropriate independent benchmarks as part of the on-going model validation process;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(m) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the on-going validation of an institution's CCR exposure model and the relevant risk measures shall include an assessment of the adequacy of the recent performance;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(n) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the frequency with which the parameters of an CCR exposure model are updated shall be assessed by an institution as part of the initial and on-going validation process;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(o) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the initial and on-going validation of CCR exposure models shall assess whether or not the counterparty level and netting set exposure calculations of exposure are appropriate.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">A measure that is more conservative than the metric used to calculate regulatory exposure value for every counterparty may be used in place of alpha multiplied by Effective EPE with the prior permission of the competent authorities. The degree of relative conservatism will be assessed upon initial approval by the competent authorities and at the regular supervisory reviews of the EPE models. An institution shall validate the conservatism regularly. The on-going assessment of model performance shall cover all counterparties for which the models are used.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">If back-testing indicates that a model is not sufficiently accurate, the competent authorities shall revoke its permission for the model, or impose appropriate measures to ensure that the model is improved promptly.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 7 -
Contractual nettingArticle 295 -
<p class="norm">Institutions may treat as risk reducing in accordance with Article 298 only the following types of contractual netting agreements where the netting agreement has been recognised by competent authorities in accordance with Article 296 and where the institution meets the requirements set out in Article 297:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">bilateral contracts for novation between an institution and its counterparty under which mutual claims and obligations are automatically amalgamated in such a way that the novation fixes one single net amount each time it applies so as to create a single new contract that replaces all former contracts and all obligations between parties pursuant to those contracts and is binding on the parties;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">other bilateral agreements between an institution and its counterparty;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">contractual cross-product netting agreements for institutions that have received the approval to use the method set out in Section 6 for transactions falling under the scope of that method. Competent authorities shall report to EBA a list of the contractual cross-product netting agreements approved.</p>
</div>
</div>
<p class="norm">Netting across transactions entered into by different legal entities of a group shall not be recognised for the purposes of calculating the own funds requirements.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 296 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Competent authorities shall recognise a contractual netting agreement only where the conditions in paragraph 2 and, where relevant, 3 are fulfilled.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The following conditions shall be fulfilled by all contractual netting agreements used by an institution for the purposes of determining exposure value in this Part:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has concluded a contractual netting agreement with its counterparty which creates a single legal obligation, covering all included transactions, such that, in the event of default by the counterparty it would be entitled to receive or obliged to pay only the net sum of the positive and negative mark-to-market values of included individual transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has made available to the competent authorities written and reasoned legal opinions to the effect that, in the event of a legal challenge of the netting agreement, the institution's claims and obligations would not exceed those referred to in point (a). The legal opinion shall refer to the applicable law:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the jurisdiction in which the counterparty is incorporated;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">if a branch of an undertaking is involved, which is located in a country other than that where the undertaking is incorporated, the jurisdiction in which the branch is located;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the jurisdiction whose law governs the individual transactions included in the netting agreement;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the jurisdiction whose law governs any contract or agreement necessary to effect the contractual netting;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">credit risk to each counterparty is aggregated to arrive at a single legal exposure across transactions with each counterparty. This aggregation shall be factored into credit limit purposes and internal capital purposes;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the contract shall not contain any clause which, in the event of default of a counterparty, permits a non-defaulting counterparty to make limited payments only, or no payments at all, to the estate of the defaulting party, even if the defaulting party is a net creditor (i.e. walk-away clause).</p>
</div>
</div>
</div>
</div>
<p class="norm">If any of the competent authorities are not satisfied that the contractual netting is legally valid and enforceable under the law of each of the jurisdictions referred to in point (b) the contractual netting agreement shall not be recognised as risk-reducing for either of the counterparties. Competent authorities shall inform each other accordingly.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The legal opinions referred to in point (b) may be drawn up by reference to types of contractual netting. The following additional conditions shall be fulfilled by contractual cross-product netting agreements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the net sum referred to in point (a) of paragraph 2 is the net sum of the positive and negative close out values of any included individual bilateral master agreement and of the positive and negative mark-to-market value of the individual transactions (the ‘cross-product net amount’);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the legal opinions referred to in point (b) of paragraph 2 shall address the validity and enforceability of the entire contractual cross-product netting agreement under its terms and the impact of the netting arrangement on the material provisions of any included individual bilateral master agreement.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 297 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An institution shall establish and maintain procedures to ensure that the legal validity and enforceability of its contractual netting is reviewed in the light of changes in the law of relevant jurisdictions referred to in Article 296(2)(b).</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The institution shall maintain all required documentation relating to its contractual netting in its files.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The institution shall factor the effects of netting into its measurement of each counterparty's aggregate credit risk exposure and the institution shall manage its CCR on the basis of those effects of that measurement.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">In the case of contractual cross-product netting agreements referred to in Article 295, the institution shall maintain procedures under Article 296(2)(c) to verify that any transaction which is to be included in a netting set is covered by a legal opinion referred to in Article 296(2)(b).</div>
</div>
<p class="norm">Taking into account the contractual cross-product netting agreement, the institution shall continue to comply with the requirements for the recognition of bilateral netting and the requirements of Chapter 4 for the recognition of credit risk mitigation, as applicable, with respect to each included individual bilateral master agreement and transaction.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 298 -
<p class="norm">Netting for the purposes of Sections 3 to 6 shall be recognised as set out in those Sections.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 8 -
Items in the trading bookArticle 299 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For the purposes of the application of this Article, Annex II shall include a reference to derivative instruments for the transfer of credit risk as mentioned in point (8) of Section C of Annex I to Directive 2004/39/EC.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">When calculating risk-weighted exposure amounts for counterparty risk of items in the trading book, institutions shall comply with the following principles:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall not use the Financial Collateral Simple Method set out in Article 222 for the recognition of the effects of financial collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in the case of repurchase transactions and securities or commodities lending or borrowing transactions booked in the trading book, institutions may recognise as eligible collateral all financial instruments and commodities that are eligible to be included in the trading book;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for exposures arising from OTC derivative instruments booked in the trading book, institutions may recognise commodities that are eligible to be included in the trading book as eligible collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purposes of calculating volatility adjustments where such financial instruments or commodities which are not eligible under Chapter 4 are lent, sold or provided, or borrowed, purchased or received by way of collateral or otherwise under such a transaction, and an institution is using the Supervisory Volatility Adjustments Approach under Section 3 of Chapter 4, institutions shall treat such instruments and commodities in the same way as non-main index equities listed on a recognised exchange;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where an institution is using the Own Estimates of Volatility adjustments Approach under Section 3 of Chapter 4 in respect of financial instruments or commodities which are not eligible under Chapter 4, it shall calculate volatility adjustments for each individual item. Where an institution has obtained the approval to use the internal models approach defined in Chapter 4, it may also apply that approach in the trading book;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in relation to the recognition of master netting agreements covering repurchase transactions, securities or commodities lending or borrowing transactions, or other capital market-driven transactions, institutions shall only recognise netting across positions in the trading book and the non-trading book when the netted transactions fulfil the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all transactions are marked to market daily;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any items borrowed, purchased or received under the transactions may be recognised as eligible financial collateral under Chapter 4 without the application of points (c) to (f) of this paragraph;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where a credit derivative included in the trading book forms part of an internal hedge and the credit protection is recognised under this Regulation in accordance with Article 204, institutions shall apply one of the following approaches:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">treat it as if there were no counterparty risk arising from the position in that credit derivative;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">consistently include for the purpose of calculating the own funds requirements for counterparty credit risk all credit derivatives in the trading book forming part of internal hedges or purchased as protection against a CCR exposure where the credit protection is recognised as eligible under Chapter 4.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 9 -
Own funds requirements for exposures to a central counterpartyArticle 300 -
<p class="norm">For the purposes of this Section and of Part Seven, the following definitions apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(1) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘bankruptcy remote’, in relation to client assets, means that effective arrangements exist which ensure that those assets will not be available to the creditors of a CCP or of a clearing member in the event of the insolvency of that CCP or clearing member respectively, or that the assets will not be available to the clearing member to cover losses it incurred following the default of a client or clients other than those that provided those assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(2) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘CCP-related transaction’ means a contract or a transaction listed in Article 301(1) between a client and a clearing member that is directly related to a contract or a transaction listed in that paragraph between that clearing member and a CCP;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(3) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘clearing member’ means a clearing member as defined in point (14) of Article 2 of Regulation (EU) No 648/2012;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(4) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘client’ means a client as defined in point (15) of Article 2 of Regulation (EU) No 648/2012 or an undertaking that has established indirect clearing arrangements with a clearing member in accordance with Article 4(3) of that Regulation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(5) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘cash transaction’ means a transaction in cash, debt instruments or equities, a spot foreign exchange transaction or a spot commodities transaction; however, repurchase transactions, securities or commodities lending transactions, and securities or commodities borrowing transactions, are not cash transactions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(6) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘indirect clearing arrangement’ means an arrangement that meets the conditions set out in the second subparagraph of Article 4(3) of Regulation (EU) No 648/2012;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(7) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘higher-level client’ means an entity providing clearing services to a lower-level client;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(8) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘lower-level client’ means an entity accessing the services of a CCP through a higher-level client;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(9) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘multi-level client structure’ means an indirect clearing arrangement under which clearing services are provided to an institution by an entity which is not a clearing member, but is itself a client of a clearing member or of a higher-level client;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(10) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘unfunded contribution to a default fund’ means a contribution that an institution that acts as a clearing member has contractually committed to provide to a CCP after the CCP has depleted its default fund to cover the losses it incurred following the default of one or more of its clearing members;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(11) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘fully guaranteed deposit lending or borrowing transaction’ means a fully collateralised money market transaction in which two counterparties exchange deposits and a CCP interposes itself between them to ensure the performance of those counterparties' payment obligations.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 301 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">This Section applies to the following contracts and transactions, for as long as they are outstanding with a CCP:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the derivative contracts listed in Annex II and credit derivatives;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">securities financing transactions and fully guaranteed deposit lending or borrowing transactions; and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">long settlement transactions.</p>
</div>
</div>
</div>
</div>
<p class="norm">This Section does not apply to exposures arising from the settlement of cash transactions. Institutions shall apply the treatment laid down in Title V to trade exposures arising from those transactions and a 0 % risk weight to default fund contributions covering only those transactions. Institutions shall apply the treatment set out in Article 307 to default fund contributions that cover any of the contracts listed in the first subparagraph of this paragraph in addition to cash transactions.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Section, the following requirements shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the initial margin shall not include contributions to a CCP for mutualised loss sharing arrangements;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the initial margin shall include collateral deposited by an institution acting as a clearing member or by a client in excess of the minimum amount required respectively by the CCP or by the institution acting as a clearing member, provided the CCP or the institution acting as a clearing member may, in appropriate cases, prevent the institution acting as a clearing member or the client from withdrawing such excess collateral;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where a CCP uses the initial margin to mutualise losses among its clearing members, institutions that act as clearing members shall treat that initial margin as a default fund contribution.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 302 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall monitor all their exposures to CCPs and shall lay down procedures for the regular reporting of information on those exposures to senior management and appropriate committee or committees of the management body.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall assess, through appropriate scenario analysis and stress testing, whether the level of own funds held against exposures to a CCP, including potential future or contingent credit exposures, exposures from default fund contributions and, where the institution is acting as a clearing member, exposures resulting from contractual arrangements as laid down in Article 304, adequately relates to the inherent risks of those exposures.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 303 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution that acts as a clearing member, either for its own purposes or as a financial intermediary between a client and a CCP, shall calculate the own funds requirements for its exposures to a CCP as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall apply the treatment set out in Article 306 to its trade exposures with the CCP;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall apply the treatment set out in Article 307 to its default fund contributions to the CCP.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of paragraph 1, the sum of an institution's own funds requirements for its exposures to a QCCP due to trade exposures and default fund contributions shall be subject to a cap equal to the sum of own funds requirements that would be applied to those same exposures if the CCP were a non-qualifying CCP.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 304 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An institution that acts as a clearing member and, in that capacity, acts as a financial intermediary between a client and a CCP shall calculate the own funds requirements for its CCP-related transactions with that client in accordance with Sections 1 to 8 of this Chapter, with Section 4 of Chapter 4 of this Title and with Title VI, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where an institution acting as a clearing member enters into a contractual arrangement with a client of another clearing member that facilitates, in accordance with Article 48(5) and (6), of Regulation (EU) No 648/2012, the transfer of positions and collateral referred to in Article 305(2)(b) of this Regulation for that client, and that contractual agreement gives rise to a contingent obligation for that institution, that institution may attribute an exposure value of zero to that contingent obligation.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where an institution that acts as a clearing member uses the methods set out in Section 3 or 6 of this Chapter to calculate the own funds requirement for its exposures, the following provisions shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">by way of derogation from Article 285(2), the institution may use a margin period of risk of at least five business days for its exposures to a client;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall apply a margin period of risk of at least 10 business days for its exposures to a CCP;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">by way of derogation from Article 285(3), where a netting set included in the calculation meets the condition set out in point (a) of that paragraph, the institution may disregard the limit set out in that point, provided that the netting set does not meet the condition set out in point (b) of that paragraph and does not contain disputed trades or exotic options;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where a CCP retains variation margin against a transaction, and the institution's collateral is not protected against the insolvency of the CCP, the institution shall apply a margin period of risk that is the lower of one year and the remaining maturity of the transaction, with a floor of 10 business days.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">By way of derogation from point (i) of Article 281(2), where an institution that acts as a clearing member uses the method set out in Section 4 to calculate the own funds requirement for its exposures to a client, the institution may use a maturity factor of 0,21 for its calculation.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">By way of derogation from point (d) of Article 282(4), where an institution that acts as a clearing member uses the method set out in Section 5 to calculate the own funds requirement for its exposures to a client, that institution may use a maturity factor of 0,21 in that calculation.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">An institution that acts as a clearing member may use the reduced exposure at default resulting from the calculations set out in paragraphs 3, 4 and 5 for the purposes of calculating its own funds requirements for CVA risk in accordance with Title VI.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">An institution that acts as a clearing member that collects collateral from a client for a CCP-related transaction and passes the collateral on to the CCP may recognise that collateral to reduce its exposure to the client for that CCP-related transaction.</div>
</div>
<p class="norm">In the case of a multi-level client structure, the treatment set out in the first subparagraph may be applied at each level of that structure.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 305 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An institution that is a client shall calculate the own funds requirements for its CCP-related transactions with its clearing member in accordance with Sections 1 to 8 of this Chapter, with Section 4 of Chapter 4 of this Title and with Title VI, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Without prejudice to the approach specified in paragraph 1, where an institution is a client, it may calculate the own funds requirements for its trade exposures for CCP-related transactions with its clearing member in accordance with Article 306 provided that all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the positions and assets of that institution related to those transactions are distinguished and segregated, at the level of both the clearing member and the CCP, from the positions and assets of both the clearing member and the other clients of that clearing member and as a result of that distinction and segregation those positions and assets are bankruptcy remote in the event of the default or insolvency of the clearing member or one or more of its other clients;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">laws, regulations, rules and contractual arrangements applicable to or binding that institution or the CCP facilitate the transfer of the client's positions relating to those contracts and transactions and of the corresponding collateral to another clearing member within the applicable margin period of risk in the event of default or insolvency of the original clearing member. In such circumstance, the client's positions and the collateral shall be transferred at market value unless the client requests to close out the position at market value;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the client has conducted a sufficiently thorough legal review, which it has kept up to date, that substantiates that the arrangements that ensure that the condition set out in point (b) is met are legal, valid, binding and enforceable under the relevant laws of the relevant jurisdiction or jurisdictions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the CCP is a QCCP.</p>
</div>
</div>
</div>
</div>
<p class="norm">When assessing its compliance with the condition set out in point (b) of the first subparagraph, an institution may take into account any clear precedents of transfers of client positions and of corresponding collateral at a CCP, and any industry intent to continue with that practice.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">By way of derogation from paragraph 2 of this Article, where an institution that is a client fails to meet the condition set out in point (a) of that paragraph because that institution is not protected from losses in case the clearing member and another client of the clearing member jointly default, provided that all the other conditions set out in points (a) to (d) of that paragraph are met, the institution may calculate the own funds requirements for its trade exposures for CCP-related transactions with its clearing member in accordance with Article 306, subject to replacing the 2 % risk weight set out in point (a) of Article 306(1) with a 4 % risk weight.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">In the case of a multi-level client structure, an institution that is a lower-level client accessing the services of a CCP through a higher-level client may apply the treatment set out in paragraph 2 or 3 only where the conditions set out therein are met at every level of that structure.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 306 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall apply the following treatment to its trade exposures with CCPs:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall apply a risk weight of 2 % to the exposure values of all its trade exposures with QCCPs;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall apply the risk weight used for the Standardised Approach to credit risk as set out in Article 107(2)(b) to all its trade exposures with non-qualifying CCPs;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where an institution acts as a financial intermediary between a client and a CCP, and the terms of the CCP-related transaction stipulate that the institution is not required to reimburse the client for any losses suffered due to changes in the value of that transaction in the event that the CCP defaults, that institution may set the exposure value of the trade exposure with the CCP that corresponds to that CCP-related transaction to zero;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where an institution acts as a financial intermediary between a client and a CCP, and the terms of the CCP-related transaction stipulate that the institution is required to reimburse the client for any losses suffered due to changes in the value of that transaction in the event that the CCP defaults, that institution shall apply the treatment in point (a) or (b), as applicable, to the trade exposure with the CCP that corresponds to that CCP-related transaction.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">By way of derogation from paragraph 1, where assets posted as collateral to a CCP or a clearing member are bankruptcy remote in the event that the CCP, the clearing member or one or more of the other clients of the clearing member become insolvent, an institution may attribute an exposure value of zero to the counterparty credit risk exposures for those assets.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">An institution shall calculate exposure values of its trade exposures with a CCP in accordance with Sections 1 to 8 of this Chapter and with Section 4 of Chapter 4, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">An institution shall calculate the risk-weighted exposure amounts for its trade exposures with CCPs for the purposes of Article 92(3) as the sum of the exposure values of its trade exposures with CCPs, calculated in accordance with paragraphs 2 and 3 of this Article, multiplied by the risk weight determined in accordance with paragraph 1 of this Article.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 307 -
<p class="norm">An institution that acts as a clearing member shall apply the following treatment to its exposures arising from its contributions to the default fund of a CCP:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall calculate the own funds requirement for its pre-funded contributions to the default fund of a QCCP in accordance with the approach set out in Article 308;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall calculate the own funds requirement for its pre-funded and unfunded contributions to the default fund of a non-qualifying CCP in accordance with the approach set out in Article 309;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">it shall calculate the own funds requirement for its unfunded contributions to the default fund of a QCCP in accordance with the treatment set out in Article 310.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 308 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The exposure value for an institution's pre-funded contribution to the default fund of a QCCP (DFi) shall be the amount paid in or the market value of the assets delivered by that institution reduced by any amount of that contribution that the QCCP has already used to absorb its losses following the default of one or more of its clearing members.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall calculate the own funds requirement to cover the exposure arising from its pre-funded contribution as follows:</p>
<p class="container-center">
<img 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" width="552" height="68" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">K<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the own funds requirement;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">i</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index denoting the clearing member;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">K<span class="subscript">CCP</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the hypothetical capital of the QCCP communicated to the institution by the QCCP in accordance with Article 50c of Regulation (EU) No 648/2012;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">DF<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the pre-funded contribution;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">DF<span class="subscript">CCP</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the pre-funded financial resources of the CCP communicated to the institution by the CCP in accordance with Article 50c of Regulation (EU) No 648/2012; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">DF<span class="subscript">CM</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sum of pre-funded contributions of all clearing members of the QCCP communicated to the institution by the QCCP in accordance with Article 50c of Regulation (EU) No 648/2012.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">An institution shall calculate the risk-weighted exposure amounts for exposures arising from that institution's pre-funded contribution to the default fund of a QCCP for the purposes of Article 92(3) as the own funds requirement, calculated in accordance with paragraph 2 of this Article, multiplied by 12,5.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 309 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall apply the following formula to calculate the own funds requirement for the exposures arising from its pre-funded contributions to the default fund of a non-qualifying CCP and from unfunded contributions to such CCP:</p>
<div class="list">K = DF + UC</div>
<div class="list">where:</div>
<div class="list">
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">K</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the own funds requirement;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">DF</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the pre-funded contributions to the default fund of a non-qualifying CCP; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">UC</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the unfunded contributions to the default fund of a non-qualifying CCP.</p>
</td>
</tr></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">An institution shall calculate the risk-weighted exposure amounts for exposures arising from that institution's contribution to the default fund of a non-qualifying CCP for the purposes of Article 92(3) as the own funds requirement, calculated in accordance with paragraph 1 of this Article, multiplied by 12,5.”;</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 310 -
<p class="norm">An institution shall apply a 0 % risk weight to its unfunded contributions to the default fund of a QCCP.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 311 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall apply the treatment set out in this Article where it has become known to them, following a public announcement or notification from the competent authority of a CCP used by those institutions or from that CCP itself, that the CCP will no longer comply with the conditions for authorisation or recognition, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where the condition set out in paragraph 1 is met, institutions shall, within three months of becoming aware of the circumstance referred to therein, or at an earlier time if the competent authorities of those institutions so require, do the following with respect to their exposures to that CCP:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">apply the treatment set out in point (b) of Article 306(1) to their trade exposures to that CCP;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">apply the treatment set out in Article 309 to their pre-funded contributions to the default fund of that CCP and to its unfunded contributions to that CCP;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">treat their exposures to that CCP, other than the exposures listed in points (a) and (b) of this paragraph, as exposures to a corporate in accordance with the Standardised Approach for credit risk set out in Chapter 2.</p>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
TITLE III -
OWN FUNDS REQUIREMENTS FOR OPERATIONAL RISKCHAPTER 1 -
General principles governing the use of the different approachesArticle 312 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">To qualify for use of the Standardised Approach, institutions shall meet the criteria set out in Article 320, in addition to meeting the general risk management standards set out in Articles 74 and 85 of Directive 2013/36/EU. Institutions shall notify the competent authorities prior to using the Standardised Approach.</div>
</div>
<p class="norm">Competent authorities shall permit institutions to use an alternative relevant indicator for the business lines of retail banking and commercial banking where the conditions set out in Articles 319(2) and 320 are met.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Competent authorities shall permit institutions to use Advanced Measurement Approaches based on their own operational risk measurement systems, where all the qualitative and quantitative standards set out in Articles 321 and 322 respectively are met and where institutions meet the general risk management standards set out in Articles 74 and 85 of Directive 2013/36/EU and Section II, Chapter 3, Title VII of that Directive.</div>
</div>
<p class="norm">Institutions shall also apply for permission from their competent authorities where they want to implement material extensions and changes to those Advanced Measurement Approaches. Competent authorities shall grant the permission only where institutions would continue to meet the standards specified in the first subparagraph following those material extensions and changes.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall notify the competent authorities of all changes to their Advanced Measurement Approaches models.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the assessment methodology under which the competent authorities permit institutions to use Advanced Measurement Approaches;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions for assessing the materiality of extensions and changes to the Advanced Measurement Approaches;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the modalities of the notification required in paragraph 3.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2014.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 313 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions that use the Standardised Approach shall not revert to the use of the Basic Indicator Approach unless the conditions in paragraph 3 are met.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions that use the Advanced Measurement Approaches shall not revert to the use of the Standardised Approach or the Basic Indicator Approach unless the conditions in paragraph 3 are met.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution may only revert to the use of a less sophisticated approach for operational risk where both the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has demonstrated to the satisfaction of the competent authority that the use of a less sophisticated approach is not proposed in order to reduce the operational risk related own funds requirements of the institution, is necessary on the basis of nature and complexity of the institution and would not have a material adverse impact on the solvency of the institution or its ability to manage operational risk effectively;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has received the prior permission of the competent authority.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 314 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions may use a combination of approaches provided that they obtain permission from the competent authorities. Competent authorities shall grant such permission where the requirements set out in paragraphs 2 to 4, as applicable, are met.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution may use an Advanced Measurement Approach in combination with either the Basic Indicator Approach or the Standardised Approach, where both of the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the combination of Approaches used by the institution captures all its operational risks and competent authorities are satisfied with the methodology used by the institution to cover different activities, geographical locations, legal structures or other relevant divisions determined on an internal basis;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the criteria set out in Article 320 and the standards set out in Articles 321 and 322 are fulfilled for the part of activities covered by the Standardised Approach and the Advanced Measurement Approaches respectively.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For institutions that want to use an Advanced Measurement Approach in combination with either the Basic Indicator Approach or the Standardised Approach competent authorities shall impose the following additional conditions for granting permission:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">on the date of implementation of an Advanced Measurement Approach, a significant part of the institution's operational risks are captured by that Approach;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution takes a commitment to apply the Advanced Measurement Approach across a material part of its operations within a time schedule that was submitted to and approved by its competent authorities.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">An institution may request permission from a competent authority to use a combination of the Basic Indicator Approach and the Standardised Approach only in exceptional circumstances such as the recent acquisition of new business which may require a transitional period for the application of the Standardised Approach.</div>
</div>
<p class="norm">A competent authority shall grant such permission only where the institution has committed to apply the Standardised Approach within a time schedule that was submitted to and approved by the competent authority.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions that competent authorities shall use when assessing the methodology referred to in point (a) of paragraph 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions that the competent authorities shall use when deciding whether to impose the additional conditions referred to in paragraph 3.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2016.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 2 -
Basic Indicator ApproachArticle 315 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Under the Basic Indicator Approach, the own funds requirement for operational risk is equal to 15 % of the average over three years of the relevant indicator as set out in Article 316.</div>
</div>
<p class="norm">Institutions shall calculate the average over three years of the relevant indicator on the basis of the last three twelve-monthly observations at the end of the financial year. When audited figures are not available, institutions may use business estimates.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Where an institution has been in operation for less than three years it may use forward-looking business estimates in calculating the relevant indicator, provided that it starts using historical data as soon as it is available.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where an institution can prove to its competent authority that, due to a merger, an acquisition or a disposal of entities or activities, using a three year average to calculate the relevant indicator would lead to a biased estimation for the own funds requirement for operational risk, the competent authority may permit the institution to amend the calculation in a way that would take into account such events and shall duly inform EBA thereof. In such circumstances, the competent authority may, on its own initiative, also require an institution to amend the calculation.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where for any given observation, the relevant indicator is negative or equal to zero, institutions shall not take into account this figure in the calculation of the average over three years. Institutions shall calculate the average over three years as the sum of positive figures divided by the number of positive figures.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 316 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For institutions applying accounting standards established by Directive 86/635/EEC, based on the accounting categories for the profit and loss account of institutions under Article 27 of that Directive, the relevant indicator is the sum of the elements listed in Table 1 of this paragraph. Institutions shall include each element in the sum with its positive or negative sign.</p>
<p class="title-gr-seq-level-1" id="id-f57464e1-c740-49ac-902d-a24dd70a0a65">Table 1</p>
<div style="margin-left: 18pt; text-indent: -18pt">
<p class="norm">1<span style="word-spacing: 12pt"> </span>Interest receivable and similar income</p>
</div>
<div style="margin-left: 18pt; text-indent: -18pt">
<p class="norm">2<span style="word-spacing: 12pt"> </span>Interest payable and similar charges</p>
</div>
<div style="margin-left: 18pt; text-indent: -18pt">
<p class="norm">3<span style="word-spacing: 12pt"> </span>Income from shares and other variable/fixed-yield securities</p>
</div>
<div style="margin-left: 18pt; text-indent: -18pt">
<p class="norm">4<span style="word-spacing: 12pt"> </span>Commissions/fees receivable</p>
</div>
<div style="margin-left: 18pt; text-indent: -18pt">
<p class="norm">5<span style="word-spacing: 12pt"> </span>Commissions/fees payable</p>
</div>
<div style="margin-left: 18pt; text-indent: -18pt">
<p class="norm">6<span style="word-spacing: 12pt"> </span>Net profit or net loss on financial operations</p>
</div>
<div style="margin-left: 18pt; text-indent: -18pt">
<p class="norm">7<span style="word-spacing: 12pt"> </span>Other operating income</p>
</div>
</div>
</div>
<p class="norm inline-element">Institutions shall adjust these elements to reflect the following qualifications:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall calculate the relevant indicator before the deduction of any provisions and operating expenses. Institutions shall include in operating expenses fees paid for outsourcing services rendered by third parties which are not a parent or subsidiary of the institution or a subsidiary of a parent which is also the parent of the institution. Institutions may use expenditure on the outsourcing of services rendered by third parties to reduce the relevant indicator where the expenditure is incurred from an undertaking subject to rules under, or equivalent to, this Regulation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall not use the following elements in the calculation of the relevant indicator:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">realised profits/losses from the sale of non-trading book items;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">income from extraordinary or irregular items;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">income derived from insurance.</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">when revaluation of trading items is part of the profit and loss statement, institutions may include revaluation. When institutions apply Article 36(2) of Directive 86/635/EEC, they shall include revaluation booked in the profit and loss account.</p>
</div>
</div>
<p class="norm inline-element">By way of derogation from the first subparagraph of this paragraph, institutions may choose not to apply the accounting categories for the profit and loss account under Article 27 of Directive 86/635/EEC to financial and operating leases for the purpose of calculating the relevant indicator, and may instead:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">include interest income from financial and operating leases and profits from leased assets in the category referred to in point 1 of Table 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">include interest expense from financial and operating leases, losses, depreciation and impairment of operating leased assets in the category referred to in point 2 of Table 1.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">When institutions apply accounting standards different from those established by Directive 86/635/EEC, they shall calculate the relevant indicator on the basis of data that best reflect the definition set out in this Article.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to determine the methodology to calculate the relevant indicator referred to in paragraph 2.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 31 December 2017.</p>
<p class="norm">Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 3 -
Standardised ApproachArticle 317 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Under the Standardised Approach, institutions shall divide their activities into the business lines set out in Table 2 of paragraph 4 and in accordance with the principles set out in Article 318.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall calculate the own funds requirement for operational risk as the average over three years of the sum of the annual own funds requirements across all business lines referred to in Table 2 of paragraph 4. The annual own funds requirement of each business line is equal to the product of the corresponding beta factor referred to in that Table and the part of the relevant indicator mapped to the respective business line.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">In any given year, institutions may offset negative own funds requirements resulting from a negative part of the relevant indicator in any business line with positive own funds requirements in other business lines without limit. However, where the aggregate own funds requirement across all business lines within a given year is negative, institutions shall use the value zero as the input to the numerator for that year.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall calculate the average over three years of the sum referred to in paragraph 2 on the basis of the last three twelve-monthly observations at the end of the financial year. When audited figures are not available, institutions may use business estimates.</div>
</div>
<p class="norm">Where an institution can prove to its competent authority that, due to a merger, an acquisition or a disposal of entities or activities, using a three year average to calculate the relevant indicator would lead to a biased estimation for the own funds requirement for operational risk, the competent authority may permit institutions to amend the calculation in a way that would take into account such events and shall duly inform EBA thereof. In such circumstances, the competent authority may, on its own initiative, also require an institution to amend the calculation.</p>
<p class="norm inline-element">Where an institution has been in operation for less than three years it may use forward-looking business estimates in calculating the relevant indicator, provided that it starts using historical data as soon as it is available.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-1158d435-cb44-40c8-8cd7-0a704219c42b">Table 2</p>
<table width="320" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="11%"><col width="78%"><col width="11%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Business line</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">List of activities</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Percentage (beta factor)</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Corporate finance</p>
</td>
<td valign="top">
<p class="tbl-norm">Underwriting of financial instruments or placing of financial instruments on a firm commitment basis</p>
<p class="tbl-norm">Services related to underwriting</p>
<p class="tbl-norm">Investment advice</p>
<p class="tbl-norm">Advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to the mergers and the purchase of undertakings</p>
<p class="tbl-norm">Investment research and financial analysis and other forms of general recommendation relating to transactions in financial instruments</p>
</td>
<td valign="top">
<p class="tbl-norm">18 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Trading and sales</p>
</td>
<td valign="top">
<p class="tbl-norm">Dealing on own account</p>
<p class="tbl-norm">Money broking</p>
<p class="tbl-norm">Reception and transmission of orders in relation to one or more financial instruments</p>
<p class="tbl-norm">Execution of orders on behalf of clients</p>
<p class="tbl-norm">Placing of financial instruments without a firm commitment basis</p>
<p class="tbl-norm">Operation of Multilateral Trading Facilities</p>
</td>
<td valign="top">
<p class="tbl-norm">18 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Retail brokerage</p>
<p class="tbl-norm">(Activities with natural persons or with SMEs meeting the criteria set out in Article 123 for the retail exposure class)</p>
</td>
<td valign="top">
<p class="tbl-norm">Reception and transmission of orders in relation to one or more financial instruments</p>
<p class="tbl-norm">Execution of orders on behalf of clients</p>
<p class="tbl-norm">Placing of financial instruments without a firm commitment basis</p>
</td>
<td valign="top">
<p class="tbl-norm">12 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Commercial banking</p>
</td>
<td valign="top">
<p class="tbl-norm">Acceptance of deposits and other repayable funds</p>
<p class="tbl-norm">Lending</p>
<p class="tbl-norm">Financial leasing</p>
<p class="tbl-norm">Guarantees and commitments</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Retail banking</p>
<p class="tbl-norm">(Activities with natural persons or with SMEs meeting the criteria set out in Article 123 for the retail exposure class)</p>
</td>
<td valign="top">
<p class="tbl-norm">Acceptance of deposits and other repayable funds</p>
<p class="tbl-norm">Lending</p>
<p class="tbl-norm">Financial leasing</p>
<p class="tbl-norm">Guarantees and commitments</p>
</td>
<td valign="top">
<p class="tbl-norm">12 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Payment and settlement</p>
</td>
<td valign="top">
<p class="tbl-norm">Money transmission services,</p>
<p class="tbl-norm">Issuing and administering means of payment</p>
</td>
<td valign="top">
<p class="tbl-norm">18 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Agency services</p>
</td>
<td valign="top">
<p class="tbl-norm">Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Asset management</p>
</td>
<td valign="top">
<p class="tbl-norm">Portfolio management</p>
<p class="tbl-norm">Managing of UCITS</p>
<p class="tbl-norm">Other forms of asset management</p>
</td>
<td valign="top">
<p class="tbl-norm">12 %</p>
</td>
</tr></tbody></table></div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 318 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall develop and document specific policies and criteria for mapping the relevant indicator for current business lines and activities into the standardised framework set out in Article 317. They shall review and adjust those policies and criteria as appropriate for new or changing business activities and risks.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall apply the following principles for business line mapping:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall map all activities into the business lines in a mutually exclusive and jointly exhaustive manner;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall allocate any activity which cannot be readily mapped into the business line framework, but which represents an ancillary activity to an activity included in the framework, to the business line it supports. Where more than one business line is supported through the ancillary activity, institutions shall use an objective-mapping criterion;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where an activity cannot be mapped into a particular business line then institutions shall use the business line yielding the highest percentage. The same business line equally applies to any ancillary activity associated with that activity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions may use internal pricing methods to allocate the relevant indicator between business lines. Costs generated in one business line which are imputable to a different business line may be reallocated to the business line to which they pertain;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the mapping of activities into business lines for operational risk capital purposes shall be consistent with the categories institutions use for credit and market risks;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">senior management shall be responsible for the mapping policy under the control of the management body of the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions shall subject the mapping process to business lines to independent review.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">EBA shall develop draft implementing technical standards to determine the conditions of application of the principles for business line mapping provided in this Article.</div>
</div>
<p class="norm">EBA shall submit those draft implementing technical standards to the Commission by 31 December 2017.</p>
<p class="norm">Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 319 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Under the Alternative Standardised Approach, for the business lines ‘retail banking’ and ‘commercial banking’, institutions shall apply the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the relevant indicator is a normalised income indicator equal to the nominal amount of loans and advances multiplied by 0,035;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the loans and advances consist of the total drawn amounts in the corresponding credit portfolios. For the ‘commercial banking’ business line, institutions shall also include securities held in the non trading book in the nominal amount of loans and advances.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">To be permitted to use the Alternative Standardised Approach, an institution shall meet all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">its retail or commercial banking activities shall account for at least 90 % of its income;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a significant proportion of its retail or commercial banking activities shall comprise loans associated with a high PD;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the Alternative Standardised Approach provides an appropriate basis for calculating its own funds requirement for operational risk.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 320 -
<p class="norm">The criteria referred to in the first subparagraph of Article 312(1) are the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall have in place a well-documented assessment and management system for operational risk with clear responsibilities assigned for this system. It shall identify its exposures to operational risk and track relevant operational risk data, including material loss data. This system shall be subject to regular independent review carried out by an internal or external party possessing the necessary knowledge to carry out such review;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution's operational risk assessment system shall be closely integrated into the risk management processes of the institution. Its output shall be an integral part of the process of monitoring and controlling the institution's operational risk profile;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall implement a system of reporting to senior management that provides operational risk reports to relevant functions within the institution. An institution shall have in place procedures for taking appropriate action according to the information within the reports to management.</p>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 4 -
Advanced measurement approachesArticle 321 -
<p class="norm">The qualitative standards referred to in Article 312(2) are the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution's internal operational risk measurement system shall be closely integrated into its day-to-day risk management processes;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall have an independent risk management function for operational risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall have in place regular reporting of operational risk exposures and loss experience and shall have in place procedures for taking appropriate corrective action;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution's risk management system shall be well documented. An institution shall have in place routines for ensuring compliance and policies for the treatment of non-compliance;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall subject its operational risk management processes and measurement systems to regular reviews performed by internal or external auditors;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution's internal validation processes shall operate in a sound and effective manner;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">data flows and processes associated with an institution's risk measurement system shall be transparent and accessible.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 322 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The quantitative standards referred to in Article 312(2) include the standards relating to process, to internal data, to external data, to scenario analysis, to business environment and to internal control factors laid down in paragraphs 2 to 6 respectively.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The standards relating to process are the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall calculate its own funds requirement as comprising both expected loss and unexpected loss, unless expected loss is adequately captured in its internal business practices. The operational risk measure shall capture potentially severe tail events, achieving a soundness standard comparable to a 99,9 % confidence interval over a one year period;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution's operational risk measurement system shall include the use of internal data, external data, scenario analysis and factors reflecting the business environment and internal control systems as set out in paragraphs 3 to 6. An institution shall have in place a well documented approach for weighting the use of these four elements in its overall operational risk measurement system;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution's risk measurement system shall capture the major drivers of risk affecting the shape of the tail of the estimated distribution of losses;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution may recognise correlations in operational risk losses across individual operational risk estimates only where its systems for measuring correlations are sound, implemented with integrity, and take into account the uncertainty surrounding any such correlation estimates, particularly in periods of stress. An institution shall validate its correlation assumptions using appropriate quantitative and qualitative techniques;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution's risk measurement system shall be internally consistent and shall avoid the multiple counting of qualitative assessments or risk mitigation techniques recognised in other areas of this Regulation.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The standards relating to internal data are the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall base its internally generated operational risk measures on a minimum historical observation period of five years. When an institution first moves to an Advanced Measurement Approach, it may use a three-year historical observation period;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall be able to map their historical internal loss data into the business lines defined in Article 317 and into the event types defined in Article 324, and to provide these data to competent authorities upon request. In exceptional circumstances, an institution may allocate loss events which affect the entire institution to an additional business line ‘corporate items’. An institution shall have in place documented, objective criteria for allocating losses to the specified business lines and event types. An institution shall record the operational risk losses that are related to credit risk and that the institution has historically included in the internal credit risk databases in the operational risk databases and shall identify them separately. Such losses shall not be subject to the operational risk charge, provided that the institution is required to continue to treat them as credit risk for the purposes of calculating own funds requirements. An institution shall include operational risk losses that are related to market risks in the scope of the own funds requirement for operational risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution's internal loss data shall be comprehensive in that it captures all material activities and exposures from all appropriate sub-systems and geographic locations. An institution shall be able to justify that any excluded activities or exposures, both individually and in combination, would not have a material impact on the overall risk estimates. An institution shall define appropriate minimum loss thresholds for internal loss data collection;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">aside from information on gross loss amounts, an institution shall collect information about the date of the loss event, any recoveries of gross loss amounts, as well as descriptive information about the drivers or causes of the loss event;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall have in place specific criteria for assigning loss data arising from a loss event in a centralised function or an activity that spans more than one business line, as well as from related loss events over time;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall have in place documented procedures for assessing the on-going relevance of historical loss data, including those situations in which judgement overrides, scaling, or other adjustments may be used, to what extent they may be used and who is authorised to make such decisions.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">The qualifying standards relating to external data are the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution's operational risk measurement system shall use relevant external data, especially when there is reason to believe that the institution is exposed to infrequent, yet potentially severe, losses. An institution shall have a systematic process for determining the situations for which external data shall be used and the methodologies used to incorporate the data in its measurement system;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall regularly review the conditions and practices for external data and shall document them and subject them to periodic independent review.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">An institution shall use scenario analysis of expert opinion in conjunction with external data to evaluate its exposure to high severity events. Over time, the institution shall validate and reassess such assessments through comparison to actual loss experience to ensure their reasonableness.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">The qualifying standards relating to business environment and internal control factors are the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution's firm-wide risk assessment methodology shall capture key business environment and internal control factors that can change the institutions operational risk profile;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall justify the choice of each factor as a meaningful driver of risk, based on experience and involving the expert judgment of the affected business areas;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall be able to justify to competent authorities the sensitivity of risk estimates to changes in the factors and the relative weighting of the various factors. In addition to capturing changes in risk due to improvements in risk controls, an institution's risk measurement framework shall also capture potential increases in risk due to greater complexity of activities or increased business volume;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall document its risk measurement framework and shall subject it to independent review within the institution and by competent authorities. Over time, an institution shall validate and reassess the process and the outcomes through comparison to actual internal loss experience and relevant external data.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 323 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The competent authorities shall permit institutions to recognise the impact of insurance subject to the conditions set out in paragraphs 2 to 5 and other risk transfer mechanisms where the institution can demonstrate that a noticeable risk mitigating effect is achieved.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The insurance provider shall be authorised to provide insurance or re-insurance and shall have a minimum claims paying ability rating by an ECAI which has been determined by EBA to be associated with credit quality step 3 or above under the rules for the risk weighting of exposures to institutions under Title II, Chapter 2.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The insurance and the institutions' insurance framework shall meet all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the insurance policy has an initial term of no less than one year. For policies with a residual term of less than one year, an institution shall make appropriate haircuts reflecting the declining residual term of the policy, up to a full 100 % haircut for policies with a residual term of 90 days or less;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the insurance policy has a minimum notice period for cancellation of the contract of 90 days;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the insurance policy has no exclusions or limitations triggered by supervisory actions or, in the case of a failed institution, that preclude the institution's receiver or liquidator from recovering the damages suffered or expenses incurred by the institution, except in respect of events occurring after the initiation of receivership or liquidation proceedings in respect of the institution. However, the insurance policy may exclude any fine, penalty, or punitive damages resulting from actions by the competent authorities;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk mitigation calculations shall reflect the insurance coverage in a manner that is transparent in its relationship to, and consistent with, the actual likelihood and impact of loss used in the overall determination of operational risk capital;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the insurance is provided by a third party entity. In the case of insurance through captives and affiliates, the exposure has to be laid off to an independent third party entity that meets the eligibility criteria set out in paragraph 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the framework for recognising insurance is well reasoned and documented.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">The methodology for recognising insurance shall capture all the following elements through discounts or haircuts in the amount of insurance recognition:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the residual term of the insurance policy, where less than one year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the policy's cancellation terms, where less than one year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the uncertainty of payment as well as mismatches in coverage of insurance policies.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The reduction in own funds requirements from the recognition of insurances and other risk transfer mechanisms shall not exceed 20 % of the own funds requirement for operational risk before the recognition of risk mitigation techniques.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 324 -
<p class="norm">The loss events types referred to in point (b) of Article 322(3) are the following:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-24034080-1d00-4019-8925-7fffc9e75965">Table 3</p>
<table width="320" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="18%"><col width="82%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Event-Type Category</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Definition</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Internal fraud</p>
</td>
<td valign="top">
<p class="tbl-norm">Losses due to acts of a type intended to defraud, misappropriate property or circumvent regulations, the law or company policy, excluding diversity/discrimination events, which involves at least one internal party</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">External fraud</p>
</td>
<td valign="top">
<p class="tbl-norm">Losses due to acts of a type intended to defraud, misappropriate property or circumvent the law, by a third party</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Employment Practices and Workplace Safety</p>
</td>
<td valign="top">
<p class="tbl-norm">Losses arising from acts inconsistent with employment, health or safety laws or agreements, from payment of personal injury claims, or from diversity/discrimination events</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Clients, Products & Business Practices</p>
</td>
<td valign="top">
<p class="tbl-norm">Losses arising from an unintentional or negligent failure to meet a professional obligation to specific clients (including fiduciary and suitability requirements), or from the nature or design of a product</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Damage to Physical Assets</p>
</td>
<td valign="top">
<p class="tbl-norm">Losses arising from loss or damage to physical assets from natural disaster or other events</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Business disruption and system failures</p>
</td>
<td valign="top">
<p class="tbl-norm">Losses arising from disruption of business or system failures</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Execution, Delivery & Process Management</p>
</td>
<td valign="top">
<p class="tbl-norm">Losses from failed transaction processing or process management, from relations with trade counterparties and vendors</p>
</td>
</tr></tbody></table></div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
TITLE IV -
OWN FUNDS REQUIREMENTS FOR MARKET RISKCHAPTER 1 -
General provisionsArticle 325 -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall calculate the own funds requirements for market risk of all trading book positions and non-trading book positions that are subject to foreign exchange risk or commodity risk in accordance with the following approaches:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the standardised approach referred to in paragraph 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the internal model approach set out in Chapter 5 of this Title for those risk categories for which the institution has been granted permission in accordance with Article 363 to use that approach.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The own funds requirements for market risk calculated in accordance with the standardised approach referred to in point (a) of paragraph 1 shall mean the sum of the following own funds requirements, as applicable:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirements for position risk referred to in Chapter 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirements for foreign exchange risk referred to in Chapter 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirements for commodity risk referred to in Chapter 4.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution that is not exempted from the reporting requirements set out in Article 430b in accordance with Article 325a shall report the calculation in accordance with Article 430b for all trading book positions and non-trading book positions that are subject to foreign exchange risk or commodity risk in accordance with the following approaches:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the alternative standardised approach set out in Chapter 1a;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the alternative internal model approach set out in Chapter 1b.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">An institution may use in combination the approaches set out in points (a) and (b) of paragraph 1 of this Article on a permanent basis within a group in accordance with Article 363.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Institutions shall not use the approach set out in point (b) of paragraph 3 for instruments in their trading book that are securitisation positions or positions included in the alternative correlation trading portfolio (ACTP) as set out in paragraphs 6, 7 and 8.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">Securitisation positions and nth-to-default credit derivatives that meet all the following criteria shall be included in the ACTP:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the positions are neither re-securitisation positions, nor options on a securitisation tranche, nor any other derivatives of securitisation exposures that do not provide a pro-rata share in the proceeds of a securitisation tranche;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all their underlying instruments are:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">single-name instruments, including single-name credit derivatives, for which a liquid two-way market exists;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">commonly-traded indices based on the instruments referred to in point (i).</p>
</div>
</div>
</div>
</div>
</div>
</div>
<p class="norm">A two-way market is considered to exist where there are independent bona fide offers to buy and sell, so that a price that is reasonably related to the last sales price or current bona fide competitive bid and offer quotations can be determined within one day and settled at that price within a relatively short time conforming to trade custom.</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">Positions with any of the following underlying instruments shall not be included in the ACTP:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">underlying instruments that are assigned to the exposure classes referred to in point (h) or (i) of Article 112;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a claim on a special purpose entity, collateralised, directly or indirectly, by a position that, in accordance with paragraph 6, would itself not be eligible for inclusion in the ACTP.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">Institutions may include in the ACTP positions that are neither securitisation positions nor nth-to-default credit derivatives but that hedge other positions in that portfolio, provided that a liquid two-way market as described in the second subparagraph of paragraph 6 exists for the instrument or its underlying instruments.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify how institutions are to calculate the own funds requirements for market risk for non-trading book positions that are subject to foreign exchange risk or commodity risk in accordance with the approaches set out in points (a) and (b) of paragraph 3.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 September 2020.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325a -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall be exempted from the reporting requirement set out in Article 430b, provided that the size of the institution's on- and off-balance-sheet business that is subject to market risk is equal to or less than each of the following thresholds, on the basis of an assessment carried out on a monthly basis using data as of the last day of the month:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">10 % of the institution's total assets;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">EUR 500 million.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the size of their on- and off-balance-sheet business that is subject to market risk using data as of the last day of each month in accordance with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all the positions assigned to the trading book shall be included, except credit derivatives that are recognised as internal hedges against non-trading book credit risk exposures and the credit derivative transactions that perfectly offset the market risk of the internal hedges as referred to in Article 106(3);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all non-trading book positions that are subject to foreign exchange risk or commodity risk shall be included;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all positions shall be valued at their market values on that date, except for positions referred to in point (b); where the market value of a trading book position is not available on a given date, institutions shall take a fair value for the trading book position on that date; where the fair value and market value of a trading book position are not available on a given date, institutions shall take the most recent market value or fair value for that position;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all non-trading book positions that are subject to foreign exchange risk shall be considered as an overall net foreign exchange position and valued in accordance with Article 352;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all the non-trading book positions that are subject to commodity risk shall be valued in accordance with Articles 357 and 358;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the absolute value of long positions shall be added to the absolute value of short positions.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall notify the competent authorities when they calculate, or cease to calculate, their own funds requirements for market risk in accordance with this Article.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">An institution that no longer meets one or more of the conditions set out in paragraph 1 shall immediately notify the competent authority thereof.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">The exemption from the reporting requirements laid down in Article 430b shall cease to apply within three months of either of the following cases:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution does not meet the condition set out in point (a) or (b) of paragraph 1 for three consecutive months; or</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution does not meet the condition set out in point (a) or (b) of paragraph 1 during more than 6 out of the last 12 months.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Where an institution has become subject to the reporting requirements laid down in Article 430b in accordance with paragraph 5 of this Article, the institution shall only be exempted from those reporting requirements where it demonstrates to the competent authority that all the conditions set out in paragraph 1 of this Article have been met for an uninterrupted full-year period.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">Institutions shall not enter into, buy or sell a position only for the purpose of complying with any of the conditions set out in paragraph 1 during the monthly assessment.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">An institution that is eligible for the treatment set out in Article 94 shall be exempted from the reporting requirement set out in Article 430b.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325b -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Subject to paragraph 2, and only for the purpose of calculating net positions and own funds requirements in accordance with this Title on a consolidated basis, institutions may use positions in one institution or undertaking to offset positions in another institution or undertaking.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may apply paragraph 1 only with the permission of the competent authorities which shall be granted if all the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">there is a satisfactory allocation of own funds within the group;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the regulatory, legal or contractual framework in which the institutions operate guarantees mutual financial support within the group.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Where there are undertakings located in third countries, all the following conditions shall be met in addition to those set out in paragraph 2:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">such undertakings have been authorised in a third country and either satisfy the definition of a credit institution or are recognised third-country investment firms;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">on an individual basis, such undertakings comply with own funds requirements equivalent to those laid down in this Regulation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">no regulations exist in the third countries in question which might significantly affect the transfer of funds within the group.</p>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 1a -
Alternative standardised approachSection 1 -
General provisionsArticle 325c -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The alternative standardised approach as set out in this Chapter shall be used only for the purposes of the reporting requirement laid down in Article 430b(1).</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the own funds requirements for market risk in accordance with the alternative standardised approach for a portfolio of trading book positions or non-trading book positions that are subject to foreign exchange or commodity risk as the sum of the following three components:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirement under the sensitivities-based method set out in Section 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirement for the default risk set out in Section 5 which is only applicable to the trading book positions referred to in that Section;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the own funds requirement for residual risks set out in Section 4 which is only applicable to the trading book positions referred to in that Section.</p>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
Sensitivities-based method for calculating the own funds requirementArticle 325d -
<p class="norm">For the purposes of this Chapter, the following definitions apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(1) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘risk class’ means one of the following seven categories:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">general interest rate risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">credit spread risk (CSR) for non-securitisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">credit spread risk for securitisation not included in the alternative correlation trading portfolio (non-ACTP CSR);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">credit spread risk for securitisation included in the alternative correlation trading portfolio (ACTP CSR);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">equity risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(vi) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">commodity risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(vii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">foreign exchange risk;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(2) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘sensitivity’ means the relative change in the value of a position, as a result of a change in the value of one of the relevant risk factors of the position, calculated with the institution's pricing model in accordance with Subsection 2 of Section 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(3) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘bucket’ means a sub-category of positions within one risk class with a similar risk profile to which a risk weight as defined in Subsection 1 of Section 3 is assigned.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325e -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the own funds requirement for market risk under the sensitivities-based method by aggregating the following three own funds requirements in accordance with Article 325h:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">own funds requirements for delta risk which capture the risk of changes in the value of an instrument due to movements in its non-volatility related risk factors;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">own funds requirements for vega risk which capture the risk of changes in the value of an instrument due to movements in its volatility-related risk factors;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">own funds requirements for curvature risk which capture the risk of changes in the value of an instrument due to movements in the main non-volatility related risk factors not captured by the own funds requirements for delta risk.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purpose of the calculation referred to in paragraph 1,</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all the positions of instruments with optionality shall be subject to the own funds requirements referred to in points (a), (b) and (c) of paragraph 1 for the risks other than exotic underlyings of the instruments as referred to in point (a) of Article 325u(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">all the positions of instruments without optionality shall be subject to the own funds requirements referred to in point (a) of paragraph 1 for the risks other than exotic underlyings of the instruments as referred to in point (a) of Article 325u(2).</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of this Chapter, instruments with optionality include, among others: calls, puts, caps, floors, swap options, barrier options and exotic options. Embedded options, such as prepayment or behavioural options, shall be considered to be stand-alone positions in options for the purpose of calculating the own funds requirements for market risk.</p>
<p class="norm">For the purposes of this Chapter, instruments whose cash flows can be written as a linear function of the underlying's notional amount shall be considered to be instruments without optionality.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">By way of derogation from point (b) of paragraph 2, an institution may choose to subject all the positions of instruments without optionality to the own funds requirements referred to in points (a) and (c) of paragraph 1.</div>
</div>
<p class="norm">An institution that chooses to use the approach set out in the first subparagraph shall notify its competent authority thereof at least three months before the first use. After those three months have elapsed and provided that the competent authority has not objected, the institution may use that approach until the competent authority informs the institution that it is no longer permitted to do so.</p>
<p class="norm">An institution that wishes to stop using the approach set out in the first subparagraph shall notify its competent authority thereof at least three months before stopping that use. The institution may stop applying that approach, unless the competent authority has objected within that three-month period.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325f -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall apply the delta and vega risk factors described in Subsection 1 of Section 3 to calculate the own funds requirements for delta and vega risks.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall apply the process set out in paragraphs 3 to 8 to calculate own funds requirements for delta and vega risks.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For each risk class, the sensitivity of all instruments in scope of the own funds requirements for delta or vega risks to each of the applicable delta or vega risk factors included in that risk class shall be calculated by using the corresponding formulas in Subsection 2 of Section 3. If the value of an instrument depends on several risk factors, the sensitivity shall be determined separately for each risk factor.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Sensitivities shall be assigned to one of the buckets ‘b’ within each risk class.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Within each bucket ‘b’, the positive and negative sensitivities to the same risk factor shall be netted, giving rise to net sensitivities (s<span class="subscript">k</span>) to each risk factor k within a bucket.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">The net sensitivities to each risk factor within each bucket shall be multiplied by the corresponding risk weights set out in Section 6, giving rise to weighted sensitivities to each risk factor within that bucket in accordance with the following formula:</p>
<div class="list">WS<span class="subscript">k</span> = RW<span class="subscript">k</span> · s<span class="subscript">k</span>
</div>
<div class="list">where:</div>
<div class="list">
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">WS<span class="subscript">k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the weighted sensitivities;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RW<span class="subscript">k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the risk weights; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">s<span class="subscript">k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the risk factor.</p>
</td>
</tr></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">The weighted sensitivities to the different risk factors within each bucket shall be aggregated in accordance with the formula below, where the quantity within the square root function is floored at zero, giving rise to the bucket-specific sensitivity. The corresponding correlations for weighted sensitivities within the same bucket (ρ<span class="subscript">kl</span>), set out in Section 6, shall be used.</p>
<div class="list">
<p class="container-center">
<img 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" width="412" height="82" alt="image"></p>
</div>
<div class="list">where:</div>
<div class="list">
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">K<span class="subscript">b</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the bucket-specific sensitivity; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">WS</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the weighted sensitivities.</p>
</td>
</tr></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">
<p class="norm inline-element">The bucket-specific sensitivity shall be calculated for each bucket within a risk class in accordance with paragraphs 5, 6 and 7. Once the bucket-specific sensitivity has been calculated for all buckets, weighted sensitivities to all risk factors across buckets shall be aggregated in accordance with the formula below, using the corresponding correlations γbc for weighted sensitivities in different buckets set out in Section 6, giving rise to the risk-class specific own funds requirement for delta or vega risk:</p>
<p class="container-center">
<img 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" width="956" height="82" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">S<span class="subscript">b</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">Σ<span class="subscript">k</span> WS<span class="subscript">k</span> for all risk factors in bucket b and S<span class="subscript">c</span> = Σ<span class="subscript">k</span> WS<span class="subscript">k</span> in bucket c; where those values for S<span class="subscript">b</span> and S<span class="subscript">c</span> produce a negative number for the overall sum of <img 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" width="137" height="35" alt="image">, the institution shall calculate the risk-class specific own funds requirements for delta or vega risk using an alternative specification whereby</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">S<span class="subscript">b</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">max [min (Σ<span class="subscript">k</span> WS<span class="subscript">k</span>, K<span class="subscript">b</span>), – K<span class="subscript">b</span>] for all risk factors in bucket b and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">S<span class="subscript">c</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">max [min (Σ<span class="subscript">k</span> WS<span class="subscript">k</span>, K<span class="subscript">c</span>), – K<span class="subscript">c</span>] for all risk factors in bucket c.</p>
</td>
</tr></table></div>
</div>
<p class="norm">The risk-class specific own funds requirements for delta or vega risk shall be calculated for each risk class in accordance with paragraphs 1 to 8.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325g -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall perform the calculations laid down in paragraph 2 for each risk factor of the instruments subject to the own funds requirement for curvature risk, except for the risk factors referred to in paragraph 3.</div>
</div>
<p class="norm">For a given risk factor, institutions shall perform those calculations on a net basis across all the positions of the instruments subject to the own funds requirement for curvature risk that contain that risk factor.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For a given risk factor k included in one or more instruments referred to in paragraph 1, institutions shall calculate the upward net curvature risk position of that risk factor (<img src="data:image/jpg;base64,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" width="47" height="22" alt="image">) and the downward net curvature risk position of that risk factor (<img src="data:image/jpg;base64,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" width="47" height="19" alt="image">) as follows:</div>
</div>
<p class="norm">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQEBkAGQAAD/2wBDAAUDBAQEAwUEBAQFBQUGBwwIBwcHBw8LCwkMEQ8SEhEPERETFhwXExQaFRERGCEYGh0dHx8fExciJCIeJBweHx7/2wBDAQUFBQcGBw4ICA4eFBEUHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh7/wAARCACpAj8DASIAAhEBAxEB/8QAGwABAAIDAQEAAAAAAAAAAAAAAAcIBQYJAwT/xABREAABAwMDAgMDBgkHCQYHAAABAAIDBAURBgcSEyEIFCIJFTEWFxgyQaUjUVZXdpW00tMkN1VnlNTkMzhCR2FxhIXEJjlSU6azNDZEY3J0g//EABQBAQAAAAAAAAAAAAAAAAAAAAD/xAAUEQEAAAAAAAAAAAAAAAAAAAAA/9oADAMBAAIRAxEAPwC5aIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiCBvHXpC86t2KlfZmQyOsdc28VbJJODnU8UMzZCzPYuaJOWCRkNdjLsNPOBdmFzz8a2ynzf6ndrTT1LRU+k7zUiNlLT+jyNUWFzowwk5Y/g97S3DW+pnFoDOQaBsjsze93PPQ6b1Jpmkr6HDpaC41E0dQ6I4HVaGxODmcjxJBy045Acml0mfQq3T/p/Rn9sqf7uoG261fedBa1tmrtPvhbcbdKXxCaPnG8OaWPY4f+FzHOacEEA5BBwR1M2j15ZtydBW3VdmmhLamJoq6eOXm6jqA0GSB5IaeTSfiWjkC1w9LgSFLPoVbp/wBP6M/tlT/d0+hVun/T+jP7ZU/3dX/RBQD6FW6f9P6M/tlT/d0+hVun/T+jP7ZU/wB3V/0Qc+q/wYbsU1DPUQ3TSVZLFE57KeGtmEkxAyGNL4WtDj8Byc0ZPcgd1X/VVgvOltRVuntQ26a3XShl6VRTyj1MPxBBHZzSCCHAkOBBBIIK7Cqs3tB9C0F42oZriCiomXaw1MLZqtxc2V9HI8xmIYGH4lkjcA76o6mCC4hwaZ7Mv/WD/wAt/wCqVzFTP2Zf+sH/AJb/ANUrmICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiKANZeJD5O+IaDaT5Gea6tyoKH3l7z4Y8y2E8+l0j9Xq/Dl34/EZ7BP6IiAiIgIiICIiAiIgIiICIiAiIgIiICIiAsZqqwWbVOna3T2obdDcbXXRdKop5R6Xj4ggju1wIBDgQWkAgggFZNEHKHfHbO87Ua9n0teJ4appiFTRVcXZtTTuc5rZC3JLHZY4Fp+BacFzcOO5+Ezemq2s1rFQ3e4TDRlylIuUAiMogeW4ZURtBy1wIaH8clzAfS5zWYu/4j9qKDdrbyos3CigvlN+GtFfUMcfLy5Bc0lvcMka3g76wHpdxcWNC5gX2119jvlfZLpB5evt9TJS1UXNrunLG4te3LSQcOBGQSPxIOwtBV0tfQwV1DUw1VJUxNmgnhkD45WOGWua4dnNIIII7EFeypn4F99P8AJ7X61vP/AJcWm56gf7waR0hP/wCPSBH/AImB3+TYrmICIiAsNruxfKjQ9+0z5rynve21FD5jp8+l1YnM58cjljlnGRnHxCzKIIZ8MuxfzLfKD/tT7998+W/+g8t0ej1f/uP5Z6v+zHH7c9pmREBERAREQEREBERAREQEREBERAREQEREBFEHiy3Qv+023Vv1HpyjtlVV1N3jonsr43vjDHQzPJAY9h5Zjb9uME9ln/DvrW67ibO2LWN7p6Knr7h5jqx0bHNib06iWIcQ5zj9Vgzknvn/AHIJAREQF419XS0FDPXV1TDS0lNE6aeeaQMjiY0Zc5zj2a0AEknsAF8Wqr/ZtLadrdQ6huMNutdDF1aiolPpYPgAAO7nEkANAJcSAASQFzn1frzcvxL7k27SME0NPSVdc99rtHVEdNSARkukkfgOlc2Nj3FxBPd4jaOXBBdK9+JHZKz3Sa3VevqKWaHjydR009VEctDhxlhjcx3YjOHHByDggheNB4mtjq2ugo4deQtlnlbEx01vqoYwXHALnviDWN793OIAHckBYvbHws7U6Pp6Wa5Wn5U3aL1SVd19cTnGMMcBT56XDPJzQ8Pc0u+sSARW3xp7FWbbOa16p0bBNT6euMvlJ6SSbqNpKgM5M4Oe4yObI1shwc8Sx3qw5rQF7LVqzSt2sdXfbXqWy19po+fmq6mropKeDg0Pfzka4tbxaQ45IwCCeywvzsbWfnL0Z+vab99aZ4RdKQ27wy6etd4stE33vTT1VbC+ON7ayKokeY3SgZD+UBiGHZPEBpxjAon4l9IWbQe+GpNLaeZNHa6SWF9PHLJ1HRiWCOUsDj3LWmQgZycAZJOSQ6Zab1vovUtc+h05q/T95q44jM+CguUNRI1gIBcWscSG5c0Z+GSPxrNV9XS0FDPXV1TDS0lNE6aeeaQMjiY0Zc5zj2a0AEknsAFD/hG2403o3aDTl4o7fRS3y8W1ldWXPy4bUPbUBkoh5EkhjW9NvEENJZz4guKmCvpKWvoZ6GupoaqkqYnQzwTRh8crHDDmuaezmkEgg9iCg1L52NrPzl6M/XtN++vtsm4Wgb5dIbXZNcaZudfPy6VLR3WCaWTi0uPFjXEnDQScD4Alc4PEvYLNSeIzUmndC26F1I6uhhpaK2jqt8w+KPqQxtbnDus57em36p9IAwALzeGfY2zbQadMsphuOqq6IC43EN9LR2PQhyMtiBAyexeQHOxhrWBL6hn6UexP5c/dNb/BUzLnP4926bh37fSafo6KlmgtsRuzaalEPOskklmc95DQJHujlicX985AJyCAFsvpR7E/lz901v8ABX22TxI7JXi6Q26k19RRTTcuLqymnpYhhpceUs0bWN7A4y4ZOAMkgKOdgfDVtjddmtL3fWWmIblerjQitmqYrlVsa5kxMkQLWva0OETo2nAxkHufidS8Wnhv2+0jthcdd6OjrbLNa/Ltkoeu+op6hr5xGTmQl7X5lac8i3EeOOXFwC41BV0tfQwV1DUw1VJUxNmgnhkD45WOGWua4dnNIIII7EFeypb7OXXl5mu1625rJpqq1w0JudAJJctoy2VrJWMGM8ZDM12OQDSxxAy9xVudd2+63bQ9+tdirfIXasttRT0NV1XR9Cd8Tmxyc2AubxcQctBIxkd0GZVAN5P+8Mof0ksX/t0i3P5gvFP+er/1Rcv4SgDWWkNfW3xDQaOvGqPOa1fcqCnZePPzycZ5WwmCTruaJRwD4++Mt49s4CDqWipn8wXin/PV/wCqLl/CVmdkrBqrS+2FosWtb377v9N1vN13mpajq8p5Hs/CSgPdhjmt7jtjA7AINzREQEREBERAREQEREBERAREQEREBERAREQFVnx0bKfKexyblaZpaKK7WimkkvLPqPraVjQRJyzxL4mtd2I5OYcciWMYbTIg43UFXVUFdBXUNTNS1dNK2aCeGQskie05a5rh3a4EAgjuCF0l8Jm9NLunoqKhu9whOs7bERcoBEIjOwOwyojaDhzSC0P44DXk+lrXMzWbxnbEVWiNRVWutLWyFuj6+VpmgpIyG2uZ2AWubk4ie/Ja4Ya0u6eG+jlDO0evLzttr226rs00wdTStFXTxy8G1lOXAyQPJDhxcB8S08SGuHqaCA61otf261fZte6KtmrtPvmdbrjEXxCaPhIwtcWPY4f+Jr2uacEgkZBIwTsCAiIgIiICIiAtG1/u9tpoOZ9PqnWVsoquOVsUlHG81FTGXM5tL4Yg6RrS3B5FoHdvf1DNc/GV4i7zZdRP0BtzeoaV1PE5l5uVKeczJncmGmY4jEbmDDnPYS4OIaCxzHA/F4YfCrZr5pWg1ruV1qmK4xNqbfaKep4Rup3sJZJO9nq5O5Ne1rHN4gDkSXOY0Js+lHsT+XP3TW/wVueid1duNaeUZpnWllr6ms5+Xo/MiOrfw5cv5O/EowGuPdo9I5fDuos3x8MGgtQ6CnGitPQ2TUdtoQ22uojxbVmJri2GYOcGvdJnBmceeeJc5waWmDfZy2CSu3ZvWoZLdDPSWq0GJtRIGF1PUTSNDCwH1Bzo46gcmjsOQJHLBC6V73C0DY7pNa73rjTNsr4OPVpay6wQyx8mhw5Mc4EZaQRkfAgr4vnY2s/OXoz9e0376rn7RfQum4NN2rcSmovL3+e5RW2qliIa2qiMMrmukGO729INDux4nByAzjH/AIA9uNN601fqG+amt9FdaayU0McNBWU4lifLUGQCVwJ4ni2J4DXNcMyB3YsBQX/Ws3vcLQNjuk1rveuNM2yvg49WlrLrBDLHyaHDkxzgRlpBGR8CCtmVRvaNWDSNNo2y6hjt1sp9VVd3ETqiMNjqaqnEDg8vAwZWtLKccnA8MtAI5YIWG+djaz85ejP17TfvrbaCrpa+hgrqGphqqSpibNBPDIHxyscMtc1w7OaQQQR2IKon4KdgqDWnHcTWdP17HSVJjt1tlidwrpWYzLJkYfC1x48RkPe1wdgMLX3yQR/uPvNtrt3fIbJrHUnuyvnpm1UcXkaiblE5zmh2Y43D6zHDGc9v9y1n6UexP5c/dNb/AAVhvHs3TcewNdU3ejon3Z9TBS2aolpRJLFK6ZkkrY38SY+UUMmTkAhuDkkA1s8EO0+ndzNVaiqNXW2G5WW1UMbDTmqmhk8xM/MbwYi3LQyGYHLvi5vY/EBaz6UexP5c/dNb/BUjaK1tpHWtCazSeo7ZeYmxRyytpahr5IRICWCVn1o3HB9LwDlpBGQVFl78J+yVwtc1HSacrbRNJx41lHc53Sx4cCeIme9ncAg5aexOMHBFINPX+87Hb61ktmuM1U6wXee31YjPQbcaeKYskjeDzDWyBn28uJ4uHqaCg6pIirNvb4UvnK3Pu+tfl77q949H+Se6Ot0+nBHF9frNznhn4DGcf7UD2jv8yFm/SSD9mqVufgl/zYtI/wDG/ts6qb4jvDf8z2h6PU3yz99+ZuTKHy/uzy/HlFK/ny6r846WMY+349u+Z2S8KXzlbYWjWvy991e8et/JPdHW6fTnki+v1m5zwz8BjOP9qC/6KAPDj4b/AJntcVmpvln778zbX0Pl/dnl+PKWJ/Pl1X5x0sYx9vx7d5/QUg9o1rySr1FZduaOaF1JQRC514jlY93mH8mRMeMco3Mj5Oxy9QnaSOzSZA9ntt/S2bbao3AqGwy3HUMr4ad4Ac6ClhkcwtyWhzXPla8uAcWkMiPYgqo26l0r90d+71V2ef3vNfL2aW0u4Ng68RkENK3Dg0N/BiJuXYP2u75K6i6TslLprStp05QyTSUlqoYaKB8xBkcyJgY0uIABdhozgAZ+wIMmsZqTT1g1LQsodR2O2XmkjlEzIK+kZURteAQHBrwQHYc4Z+OCfxrJog8aCkpaChgoaGmhpaSmibDBBDGGRxMaMNa1o7NaAAAB2ACoN7R3+e+zfo3B+01Kv+qD+0gpKpm8Nhrn00zaSbT8cMU5jIje9lROXtDvgXNEjCQO4D25+IQWy8Ml7pb/AOH/AERXUcc0cUVohonCUAO50w8u8jBPpL4nEfbgjIB7D7d+NwKXbLa676rmdC6rhi6NuglIInqn9om8S5pc0H1uDTy4MeR8FqXgl/zYtI/8b+2zqtviju953x8SlBtlpIwyRWeWW20xmf04/MAc6yZxLA4NZ0+BA55EHJmS/BDP+ATbm63nV9w3g1NHWysj6rLXVVTnF1ZVSlzaio5l+X8Wl7CXNc1zpXd+UZxdlYbQ2mbVo3SFq0tZIulQWymZTxZa0Ofgd5H8QAXudlziAMucT9qzKAuXW/015154nNUUdPSQyXSr1AbPRwRHptkMTxSwgl7sBzhGzJJAySew7DpZru+/JfQ9+1N5Xzfui21Fd5fqcOr0onP4csHjnjjODjPwK5Z7KNusO5dmvFo0letVTWWpjuZt1qa7qv6T2uYSWxyFrBJ0+R49wcAtJBAdWLFa6Cx2Ogslrg8vQW+mjpaWLm53TijaGsblxJOGgDJJP41Bvj21NarPsDXWKrl/l9+qYKeiha5vI9KZk0khaSDwa2MNJAOHSRg45ZUZa28ZuqrR5uz/ADUfJ+/xcPRd62V/Rzxd64OlE85Ye3qb9YHuOx0bRm1m5fif1FVbiak1JbLfa5ZTTioEgndThvMinhpmPzG1h45bK5hIlEmZC4khk/Zu2uvm3T1He44OVBSWQ0s8vNvolmnidG3GcnLYJTkDA498ZGb5LWdsdC6b250hS6X0vReXooPVJI8h0tTKQOUsrsDk92B37AABoAaABsyAqAbyf94ZQ/pJYv8A26RX/Wv1miNF1uom6jrNIafqb02WOZtxltsL6kPjwGOEpby5N4twc5HEY+CDYEREBERB419XS0FDPXV1TDS0lNE6aeeaQMjiY0Zc5zj2a0AEknsAFqXzsbWfnL0Z+vab99ZrXdi+VGh79pnzXlPe9tqKHzHT59LqxOZz45HLHLOMjOPiFUz6DH9aP3B/iEFmfnY2s/OXoz9e0376fOxtZ+cvRn69pv31Wb6DH9aP3B/iE+gx/Wj9wf4hBZn52NrPzl6M/XtN++veg3N22r66ChodwtJVVXUythgghvNO+SV7jhrWtD8ucSQAB3JKq/8AQY/rR+4P8Qs1oTwa/JfXFh1N84/m/dFyp67y/uTh1elK1/Dl1zxzxxnBxn4FBbJERARFEG9fiF0XtNqqm05qO2agqqupoWVrH0EEL4wxz5GAEvlYeWY3fZjBHdBL6Ks301drP6A1n/Y6b+8J9NXaz+gNZ/2Om/vCCzKKs301drP6A1n/AGOm/vCfTV2s/oDWf9jpv7wgsyi0bZTdCwbs6VqdR6co7nS0lNXPonsr42MkL2sjeSAx7xxxI37c5B7LeUBERAREQYzVVgs2qdO1untQ26G42uui6VRTyj0vHxBBHdrgQCHAgtIBBBAK5geIPaq87Ua9qrPWU0xs9TLJLZq1zubamnDuwLg1o6rQWh7cDBOQOLmk9UlHPiD2qs26+gqqz1lNCLxTRSS2atc7g6mqC3sC4Ncek4hoe3ByBkDk1pAUg8Im9fzVavkt9/qq1+kbr6aqKP1tpJ8tDaoMwScNHFwZglpBw8sY1dJVxur6aSirp6OZ0LpYJXRPdDMyaMlpwS17CWvb27OaSCO4JC6i+Fm16ksuwOk7XqyCtp7tBTSB8NY8uliiM0hhY4Ekt4xGMBhwWABpAIwAkxERAREQFHPiT15Jtxs1fdSUc0Md06QpbaJJWNcaiUhjXMDg4PcwF0vDByI3ZwMkSMqZ+0o1T/8AKWiqeu/866VtJ0v/AOVPJzI//aHEH/a4fVKCE/CBt/S7ib226hubYZLXaonXWuglAIqGROYGxcXNc1zXSPjDmuwCzn3BwunCrB7OrSElo2uu2rqlk0cuoa4MgBkY6N9PTcmNeAPU13VfO08j3DGkADu6z6AsNpjSeldL+Y+TOmrLZPM8fMe7qGKn6vHPHlwaOWOTsZ+GT+NZlEEM+Nr/ADYtXf8ABftsCgb2al7pYNVay04+OY1ddQ01bE8AdMMge9jwTnPImpZjAIwHZIwM2A8ZtJVVvho1hDR001TK2KmmcyKMvcGR1UL3uIH+i1jXOJ+ADST2Cq/7OL+e+8/o3P8AtNMgv+ufW8tfefEf4nItKaWlmqLFbZfI09RAOrDBTteBU1xAk6bmlxOHBzeo1sDfrEA2G8dG43yL2gksFFJxu2qepQx+nPClAHmX92Fpy1zY8Za78NyacsWM8B+1UmjtBS61vNNCLxqWKKWkIcyR0NAWh8YyG5Y6Qnm5ocQQ2LIDmkALC2K10FjsdBZLXB5egt9NHS0sXNzunFG0NY3LiScNAGSSfxr7URBUb2ld7qoNK6N04yOE0ldXVNbK8g9QPgYxjADnHEipfnIJyG4Iwc7B7O3S3unaC46mqKHo1N+uTulUdXl16WAcGekEhvGU1I7gOP25HFQB4+77738Q1Xb/ACvR9yW2loefU5dbk01HPGBx/wDiOOO/1M574G/6C341VsntRY9M3fY3U1LQUPKAXC61ctK2eeR75ngcqUAZcZC1mSQ0dy7BJC6dfV0tBQz11dUw0tJTROmnnmkDI4mNGXOc49mtABJJ7ABcmtWTSbg7w3ao05STSS6l1BM+3U8xZHI41NQTExxLuLXetoPqwD9uO6l/U+6m63iavlPtxZ4bLZqCoqXTiijq+h1omuBb15JHZn6TfWWxMBPFz+meDeNk/DP4cLNtRMdQ3ishvuqpIg1lQIeMNAHMAkZCD3c4kuBlIaS3ADWZeHBPKIiCs3tHf5kLN+kkH7NUrc/BL/mxaR/439tnUzIgIiIOUPh9pKqt310LDR001TK3UFFM5kUZe4MjmY97iB/otY1zifgA0k9gury5Q26kqtqN9bdDqmmm6ul9QU81YyCM8pWQzNfyiEnHk17AHMJ4hwc09gV1YoKulr6GCuoamGqpKmJs0E8MgfHKxwy1zXDs5pBBBHYgoPZFXPxhb+0GgbHWaJ03UeY1dcKZ0cskMrm+6opG/wCVLmkETFpzG0EEdnu7cQ/4vZ26W907QXHU1RQ9Gpv1yd0qjq8uvSwDgz0gkN4ympHcBx+3I4oLMqmftNP9X3/Mv+lVzFTP2mn+r7/mX/SoFn3L+bjwB6d931fRv9789b7bwk4yR8qyfqztw9rxwZnD254yPiyMFbN4AtqJtN6Yn3JvDOFff6YQ26FzJGPgo+eS5wOA7quZG9vpOGMYQ71kCtvh40zed4dxdKaGu9ZNVaY09FLVS0xdxjgpOt1ZmgNcx3KWWRsZe0l4D2nu2MAdMqCkpaChgoaGmhpaSmibDBBDGGRxMaMNa1o7NaAAAB2ACD2REQQZ45tTfJ3w83WnjlrYam91MFsgkpncccndWQPOQeDoopWEDOeYBGCSIN9mvYvMa41bqbzXHyFthofL9PPU8xLz58s9uPlsYwc8/iMd8n7SXV8jq7S+gYHzNiZE68VbTGzpyFxdDAQ763JvGoyOww9vxP1dz9m/SUrNnr9XMpoW1c2oJIZZxGBI9jKeAsaXfEtaZHkA9gXux8Sg3PxqaLpdV7D3uuZZ4a28WOIV9DOXBklMxr2GpIcSMt6LXksOQ4tbgFzW4rz7O3XU1r3DuOg6yt40F7pnVNHC8SO/lkIyeAB4M5QiQuJHq6MYz2AN5b7a6C+WOvsl0g8xQXCmkpaqLm5vUikaWvblpBGWkjIIP4ly02Q1JNtpvlp+93eHyHuu5GmubKynk5U0T+UFRyjbh4exj5CBgkOaMg/Ah1YWmbxUW49w0h5Pa67WW0XySpZ1Ky5sLmxwAEu6Y4PHMuDB6mkcS/4HBG5rWd1tTfI3bTUmqWy0UU1sts9RTecdiJ84YelG7uCeUnBoAIJLgB3IQVG8Ke9+8evd8LLp+/aimutldFUzXCKO10zGsY2B/Bz3xxBzG9UxDOQCXNH24N31Rr2a9i8xrjVupvNcfIW2Gh8v089TzEvPnyz24+WxjBzz+Ix33PxM+JDX21269XpayUujLhQNpoKiLqxzy1EHNneOfjK0NfyBcAB9R8Z+1BbJFGfh21Rubq7SFTd9zNJ0WnKl1SW0MMUcsEskQGHGSCUudH6gcEuy4HPFoDXPkxAREQYbXd9+S+h79qbyvm/dFtqK7y/U4dXpROfw5YPHPHGcHGfgVUz6c/8AVd9//wCHVxq+kpa+hnoa6mhqqSpidDPBNGHxyscMOa5p7OaQSCD2IK1L5p9rPzaaM/UVN+4grN9Of+q77/8A8On05/6rvv8A/wAOrM/NPtZ+bTRn6ipv3E+afaz82mjP1FTfuIKzfTn/AKrvv/8Aw6zWhPGV8qNcWHTPzceU973KnofMe++fS6srWc+PQHLHLOMjOPiFP/zT7Wfm00Z+oqb9xe9BtlttQV0FdQ7e6SpaumlbNBPDZqdkkT2nLXNcGZa4EAgjuCEG2IiICj/cfZnbXcS+Q3vWOm/edfBTNpY5fPVEPGJrnODcRyNH1nuOcZ7/AO5SAiCGfoubE/kN97Vv8ZPoubE/kN97Vv8AGUzIghn6LmxP5Dfe1b/GT6LmxP5Dfe1b/GUzIg1nbjQWk9u7HNZNHWn3ZQT1LqqSLzEs3KVzWtLsyOcfqsaMZx2/3rZkRAREQEREBVm8a2+nyKsbtD6OvPR1ZW489LTjL7fSuaT2eD+DmflvHsXNYXO9BMbjKfiD3Vs21Ggqq8VlTCbxUxSRWaic3m6pqA3sS0Oaek0lpe7IwDgHk5oNBtptFay8QO78lTdKitr45allTqG7PeGdCAnBDXcS1ry1pZFGG4HEYAYxxaEm+BfZT5T3yPcrU1LWxWm0VMclmZ9RlbVMcSZOWeRZE5rewHFzzjkQx7DfJYzStgs2ltO0WntPW6G3Wuhi6VPTxD0sHxJJPdziSSXEkuJJJJJKyaAiIgIiICoB7R3+e+zfo3B+01Kv+qNe0i0zdY9cac1j0udpqLaLZ1GNcelPHLLLh5xxHJsvpGcnpydsNyQsN4MqSqovDRo+GsppqaV0VTM1ksZY4skqpnscAf8ARcxzXA/AhwI7FS+oA8BOprVeNgaGxUkv8vsNTPT1sLnN5DqzPmjkDQSeDmyFoJAy6OQDPHKlnc7XWm9udIVWqNUVvl6KD0xxsAdLUykHjFE3I5Pdg9uwABcSGgkBsyKgGy16uu/HjJt+rr1bOVFQcrgKNtW4st8FOzFPxJcC7E7oXODQA573uLA0uAv+g0zfb+ZDXn6N3H9mkVLfZ41dLQbw6grq6phpaSm0tUzTzzSBkcTG1FMXOc49mtABJJ7ABXS32/mQ15+jdx/ZpFytsV/vNihucVnuM1E260LrfWmI4dNTuex7oyfiGuMbc4xkZactcQQsBpC0XHxR+Jy436vE0elaGVk8zJ2S8WUEbw2KkHF5Ecso5EhrwMmd7c44noKos8MO11LtdtdQW6ahhi1DXRNqb1OGjqPmOSIi4OcC2IO6Y4niSHOABe7MpoCItG3+1fJoPZrVGqad80dXSUJZRyRRskdHUSkRQvLX+ktbJIwnOewPY/AhzgvdT87XiDme24VsEOqtSNgpqisb1ZaeCeoDIg5vLB6cbmAMDsANDQcALqlX0lLX0M9DXU0NVSVMToZ4Jow+OVjhhzXNPZzSCQQexBXM3wZUlLW+JfR8NZTQ1MTZamZrJYw9ofHSzPY4A/6TXta4H4gtBHcLpwg5aa5ZddmfEddX2Gm92TWC9vqLbTmoc9vlXO5wxvc1/JzHwPaHAu5Fry13fK6fWK6UF8sdBe7XP5iguFNHVUsvBzepFI0OY7DgCMtIOCAfxqg/tD7BHbN7aO801umgivNoilnqSHmOoqI3PicAT6eTYmwAtbjALSRl2Tabwdavj1f4f9PPL4TV2eL3PVMije1sZgAbGDy+s4wmFxIJGXH4YLQEvqsHiy1fv9YNxbfR7V0moJrK+0RyzuoNPtrY/MGaYOBeYX4dwEfpz8MHHfvYbW1xvtp0xV3DTOnPlHdouHl7b51lJ18vaHfhXgtbxaXO7/Hjj4lV5268Vd51jujbNAM2nmoLjVVxpals164yUgZkzucx8DfVGxj3FhIJLeI7lBYzScN5ptK2mn1HVw1l6ioYWXGohGI5qgMAle0BrcNL+RHpb2PwHwVQN1vE1vrt9qo2fUehNJWWWoi83SUszn1cjadz3tZykhqOLnehwJw3JGeIBCukufXjPdVa88WFHo2hhhpKuGK32OCaaUmOR87uq2R2G5Y0GqDSAHHDM/bgBeXbW91WpdutNajro4Y6u62ilrZ2QgiNr5YWvcGgkkNy44yScfaVsCj/AH+3Cr9rtvJdY0emflBDS1MUdZF55tL0IpCWiXJa4u/CGNvEDPrz8AVEG0vivue4etafTds2judQ58Uk0zqC7RzSRMa0nkRKyKMN5cW5dI0ZcAMuIaQkzfzY3SO79DA+7Ga23qjieyjulK1vUaCHcY5WkfhIg88uOQQc8XN5OzDNn8HN/s1DcKG0b23O3Ulyi6NfBS2t8UdUzDhxla2qAe3D3DDsjDj+Mq3KIKgWTwOWqG6QyXvcWtraAcurBR2ttNK/0nHGR0kgbh2CcsOQCO2cizO1uirVt3oS3aOslRW1FBb+r0pKx7XSu6kr5TyLWtH1nnGAO2P962ZEBRn4jtqPnh0PR6Z9/e5PLXJld5jyfmOXGKVnDjzZjPVznP2fDv2kxEEZ+HbZ+1bO6QqbPSV/vWvrak1FbcXUrYXS4HGOMAEkMa3OAXO9T5CMcsCTERAREQVtr/BrttX109dXao1zVVdTK6aeeavp3ySvccuc5xgy5xJJJPckrbNovDrpXa/U7L7pnVWs/t8xQz3CLylX6Hsb1o2RN58eo5zcns7upmRAVedWeETbbUuqrtqOuverY6u6101bOyGqpxG18ry9waDASG5ccZJOPtKsMiCP9l9qrVtVa6q12TUWprnQT8OlS3WtbNFScXPceixrGiPm6Ql2B3IBUc+0EvdVavD+6hp44XRXm701FUGQEuaxofUAswRh3OBg75GC7tnBFhlRr2lF98xrjSWmfK8fIW2au8x1M9TzEvDhxx24+WznJzz+Ax3CP9rt7dcbR7MPsdh0v5X39cqmsor9XRPdE5oiZDIIGFoY98b2NPIue0H0uYcqf/BzsxpOt0xbN3dRVfyr1Lc6l9fT1NQ6Uso5Wve12Q/Blm6nIukeCA9rSz6vUf8AbvrthUyeCa12IWvyd20rbaO5zUdM+FjBPFFisLyPS/DZKiQlpy54BBcTh0f+C/e3Teh9oNU23Wd16ENkqW1luhdVB9RVNnBBp6aA4Ppkj5HB4gzlzuABcQuyij/YHcn51tvItW/J2tsXOplp+hO/qMk4EfhIpOLeozvxJ4jD2vb345MgICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAvivt0oLHY6+93Sfy9Bb6aSqqpeDndOKNpc92Ggk4aCcAE/iX2qhvjo3r+U98k210zVVsVptFTJHeX/UZW1THACPjjkWROa7uTxc854kMY8hGW7OtdZeIHd+OmtdPW18ctS+m09aWMDOhATkFzeRa15a0PlkLsDickMY0Nvz4fNqrNtRoKls9HTQm8VMUct5rWu5uqagN7gOLWnpNJcGNwMA5I5OcTE3ga2WpdM6Vptx9R2+GTUN1iE1qcZRIKSikYC1wAGGSyAuJOSQwtb6SZGmz6AiIgIiICIiAsZqqwWbVOna3T2obdDcbXXRdKop5R6Xj4ggju1wIBDgQWkAgggFZNEFRqzwT0tLqJtz0tudc7RFBLHNR9W3Capge3B5CaOWP1B4LgQ1pHb4kZPje/Bddb5dJrpe95K2518/Hq1VZZ3TSycWho5PdUknDQAMn4ABW/RBDOw3h30rtHfHagtd6vVxu09tNDVOqXRNp3cnRve9kbWcmZdGMAvdgEgknupmREBVm2W8JNq0BuHb9XXTVvyi93cpKWjdamwsE+MMkcXSSZ4ZLmgAEPDHB3pwbMogIiICibe7YXSu7l8obpqa+6mp/I0xp6eloauJlO3Li50gY+N+Huy0EgjIYwfYpZRBW2g8Gu21BXQV1DqjXNLV00rZoJ4a+nZJE9py1zXCDLXAgEEdwQrC2K3+6bHQWvztbX+Tpo6fzVbL1Kifg0N6kj8Dk92MuOBkklfaiCM99NlNK7w+5/lNcL1Se6Ov5f3dNEzl1eny5c435x0m4xj4n4/ZqW33ha0XoTVVHqPTmrtc0tXTSsc9jLlCyOpY17XmGUMhaXxOLG8mZwQFPKIPivt0oLHY6+93Sfy9Bb6aSqqpeDndOKNpc92Ggk4aCcAE/iVDfZ/wBrm1Fv3dNUXeCtuM1vts9V7wlfI7hWTSNZykfnDnvjfUdn5z6nfFuRabxg3Svs/ht1jV26foTSU0VK53BrsxTzxwytw4EeqOR7c/EZyMEAqDPA3dtK7e7Ia03G1Bc/K9W5GkdDJPEzzHlqbrRxQNeW8pn9aUBvL1cW4AwSQuYuXW3249goPEp86Op7JNNa5bvW3SSghYypkifMJXRcefBrnRyPY4O9JBZyGCAFebcfdWzV3hXvm5enam5x0lbaJYqKWJvSqaeolcaZpPqHF0czhlzSccCWl3bMC+zi0pQXL5c3u62XzUMlNBao5aiNzqeaKXm6pgIPofkNpy4EEgFvwDu4YygvGqPGBujBZa6sh0voyyxNrJ7ZDWtknI+q57QQDLK4uLRIWcIWu+Bc7EtxtsdC6b250hS6X0vReXooPVJI8h0tTKQOUsrsDk92B37AABoAaABQ3YGev2b8X0Wl62StdC+5S6fqD5Nsb6qKZ4bTycHnLGOkFPLlrs8PgXA4ddKj3p0FW7yu2po7hNU35sUhdJFFzphNGC59OZAf8q1jXOPbiOJaXcxxQSMiIgIiICIiAiIgIiICIiAiIgKOdf7IbY691E/UGrtOzXW4uibCJZLpVsaxjfg1jGShrG9ycNABLnE9ySZGRB419JS19DPQ11NDVUlTE6GeCaMPjlY4Yc1zT2c0gkEHsQVX+j8Hmz8GonXSVuoKqkMsjxa5bgBTAOzhgcxjZuLcjH4TPpHIu75sMiDxoKSloKGChoaaGlpKaJsMEEMYZHExow1rWjs1oAAAHYAL2REBERAREQEREBERAREQEREBERAREQEREBEWjb47mWbajQU+qbxBNVOMopqKki7OqahzXObGXYIY3DHEuPwDTgOdhpCLPGtvX83+mHaL09VVtPqy80wkZVU/o8jSl5a6QPIOXv4PY0Nw5vqfyaQzlX/wU7KfOBqdutNQ0tFUaTs1SY30tR6/PVQYHNjLARhjObHuLstd6WcXAv46BtxpLWXiB3fmp6m79a5VvKuu1zqyD0IGl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" 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" width="496" height="33" alt="image"></p>
<p class="norm">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">i</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes all the positions of instruments referred to in paragraph 1 and including risk factor k;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<span class="italics">x<span class="subscript">k</span>
</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the current value of risk factor k;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<span class="italics">V<span class="subscript">i</span>
</span> (<span class="italics">x<span class="subscript">k</span>
</span>)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the value of instrument i as estimated by the pricing model of the institution based on the current value of risk factor k;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<img 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" width="167" height="33" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the value of instrument i as estimated by the pricing model of the institution based on an upward shift of the value of risk factor k;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<img 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" width="164" height="33" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the value of instrument i as estimated by the pricing model of the institution based on a downward shift of the value of risk factor k;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<img src="data:image/jpg;base64,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" width="105" height="23" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the risk weight applicable to risk factor k determined in accordance with Section 6;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<span class="italics">s<span class="subscript">ik</span>
</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the delta sensitivity of instrument i with respect to risk factor k, calculated in accordance with Article 325r.</p>
</td>
</tr></table><div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">By way of derogation from paragraph 2, for curves of risk factors that belong to the general interest rate risk (GIRR), credit spread risk (CSR) and commodity risk classes, institutions shall perform the calculations laid down in paragraph 6 at the level of the entire curve instead of at the level of each risk factor that belongs to the curve.</div>
</div>
<p class="norm">For the purposes of the calculation referred to in paragraph 2, where <span class="italics">x<span class="subscript">k</span>
</span> is a curve of risk factors allocated to the GIRR, CSR and commodity risk classes, <span class="italics">s<span class="subscript">ik</span>
</span> shall be the sum of the delta sensitivities to the risk factor of the curve across all tenors of the curve.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">In order to determine a bucket-level own funds requirement for curvature risk, institutions shall aggregate, in accordance with the following formula the upward and downward net curvature risk positions, calculated in accordance with paragraph 2, of all the risk factors assigned to that bucket in accordance with Subsection 1 of Section 3:</div>
</div>
<p class="norm">
<img 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" width="525" height="74" alt="image"></p>
<p class="norm">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<span class="italics">b</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes a bucket of a given risk class;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<span class="italics">K<span class="subscript">b</span>
</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">own funds requirements for curvature risk for bucket b;</p>
</td>
</tr></table><p class="norm">
<img 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nynOHNCVp9SGyk5SpJ8ifj/ABqctG7zba2/rJ1ruBM1J2tNXOyNxYc3wMg9x0Ihgp7Yb5jzZc8ykD0/6Rms73t7oG+XR66XvQ+mbnPf492VMtTDzrnFISOS1JJOEgAZPwAFTZoXRGi5PXXr7TkjSGn3rLF0+09HtzltZVGZWUQCVIaKeKVetfmBn1K/iaChtst0tCble0PyVffavs7teL/mj7Pb7nPh/SoTnPBXwzjHn+6uzrxtMaT0rpfxH5Z01ZbJ4nj4j2dBaj93jnjy4JHLHJWM/DJ/jXs0ClK4z3sbWfMvRn/v2N/9dB2dK4z3sbWfMvRn/v2N/wDXT3sbWfMvRn/v2N/9dB2dK8bTGrNK6o8R+WdS2W9+G4+I9nTmpHa5Z48uCjxzxVjPxwf4V7NApSlAqTdbXC1ai/EY0ja3IXe9iW3w76ZLSVIL6Y0mW24jzP6e60QSAQtBI+AJrKpT0rZIt1/Ed1ZOkOPJds1obmxw2QEqWqHFjkLyDlPB9Z8sHIT54yCFWUrht5d1dI7UadavGqZLxVJd7USFFSlcmSRjkUJUpI4pBBUokAZAzyUkHmdoOorbzcyddodsNztDtqgquEhV3abZb8OkgOOc0uKSlKMp5cinyUCMgKwGv0qbZ/WftPGnPx2bXq2Y006pCJDMJkNvAHAWkLeSoJPxHJKTg+YB8q7PdTqP2t2+ejxZl1evc59pp9MWzITIUll1BWh0rKkthJTxIHPkQtCgkpVmg1+lZNsjv/ofdu+TrJp2PeoU+HGEotXGMhHda5BKlJLa1j0qUgEKIPrGM4VjU58uLAgvzp0lmLEjNKeffecCG2kJGVKUo+SUgAkk+QAoPtSptR1SytS6qdtG1W1GoNbRGXUMOzw8YraVrWpKFH9msNtKCeQW6WzjlySniTXls9YLMuRb9OwdsL0daybkLc7Z5U5uO006pxTYR31J5c+XAFK20AEqyr0+oKmpXJ7rbiaX2y0qdR6rlPMRFO9hhDLCnXH3uC1paSAMBSg2rBUUpz8VCuS2R3/0Pu3fJ1k07HvUKfDjCUWrjGQjutcglSkltax6VKQCFEH1jGcKwGs0rDNzuqXbLQer5Wl5aL1eJsP0ynLUw040y7k8mipbiMrTgcgMgE8SeQUBqerNRuWDbq7auetTwdttoeuS7e86hLmW2S4WVLQVpCvLiSkqGfMch8QkDfF2V1A9WFs20ti3vy9px1yNNfaSQWwlQM53kWiUKyhLCeXJBWhBBw5VpWK1wLHY4FktbHh4FvjNxYrXNSu202kJQnKiScJAGSSf41Fv4alkiv6q1lqNbjwlwYMaE0gEdsofWtayRjPIGMjGCBgqyDkYt+gznfzd2wbQaVYu93jPT5c11bECBHcQlx5YQpXJXI5S0CEpUtIUUlxPpOQKxnUm+nUJo6CjWmr9nrZF0Y46D2kSFJlsodB7KXVhxZaUCUBSlsJBV6cIUoAZn1NPN6x637Lpa+xGXrXGnWizqbbK0KejvKbdWFqCs8iZLgynjgBP7xk3LqyyRdS6Vu2nJzjzcS6wXoT62SA4lDqChRSSCArCjjIIz+40HM7HbmWbdfQTGqbOw9FUHTGmxHfNUaQlKVKbCsALThaSFD4hQyEqykdzUJ/htXuUxuLqjTiG2TEnWhM11ZB7gWw8lCADnHEiSvOQTkJwRg5uygV/M3em7b0bX7h3DSN03Q1nJ8PxcizE3eY2iWwsZQ4kKX/rSoAqAWlaQpXHNf0yrDOs3ah7cvbRM20I5X/TvdmQ2whxxUloo/bR0JRnK18Gyn0qJUgJHELJAcBobZbX2stIWrVNk6otZuwLnGRIaz3ypGR5tr4zSAtKspUAThSSP3V4u7+zW++i9ITdTWPfTU2oY1tjOyp7LtzlQ3UNIAJU2C8tK8J5qIKknCMJ5EgVz/QVvE5Y9RJ2w1DMeXa7q7/cZbr6A1CkepSmhyweLxwAAf6TACSXFKF2UEm/h46s1Vqj88/mbUt6vfhvZ/h/aM52R2uXieXHmo8c8U5x8cD+FVlWTbBbKQNor5q+Xa7v4qBf5LTkWF4ZSPANNqeKGu4pxZdwl0J5HB9GT8fLWaBSlKBSsz3u3w0PtH4FnUjs2XPnZU1AtzaHJCWhkd1QUtISjkOIJOVHPEHiop/Ftx1Cbca20hqHVLMybZYGnuCrl7VZDam0LB7ahwUsL5qSpKUpJWVJxx9SeQazSpzsXWNtZdr5Atfs3U0DxkluP4qaxGbjsc1BPccX3zxQnOVHBwATXQbodT+1ugdRO6flSLnerjGdWzMatMdLiYq08fStbi0JKvMghBUUlKgriRig2ylZzsdvJpHd+Dc5GmG7nGdtjraJUeewltxIcBKFgoUpJSeKx+rIKDkAFJPZ6qv9m0tp2bqHUNxZt1rgtd2RIdPpQPgAAPNSiSAEgEqJAAJIFB6dKma1dUWpNVTJbu3mx2ptSWdjmEzlSSzlTbIccQoIacQlYH6UBwqVlGByWE199B9V9u13rXSukdLaEub9xuzoRcTKnNMtwgEhbq2iArvpQgOq8w0SEAAZVgBSVKz/AHo3e0btLa4szVT81T07n4KHDjlx2RwUgOcScITxDiSeak5GcZPlXx2O3k0ju/BucjTDdzjO2x1tEqPPYS24kOAlCwUKUkpPFY/VkFByACkkNGpWDTOqvbYa9To2zQdQahnOzm4EaRbWo5jSXlqCAG3HHkZTzPHmQEnGQSnCj+3ra1e5pLp/u6Iy3m5d8dRZ2VttoWlIdClOhfL4JUy28nIBIKk4x+oBmWqtxdy99d2Zu3u0V2e07pK1O9q66girBU4Euf0yXkHISotkNIbWC4ORUQgqDe87DbW2raPQ6tM2u5Tbj35JmSpEkJTyfU02hZQlI9CD2wQklRGTlRrOegHS8Wy7Ds35BZcl6gnPyXXAwEOIQ0ssIaK8krSC2tYzgAuqAHxJoCfLiwIL86dJZixIzSnn33nAhtpCRlSlKPklIAJJPkAKDjN5d1dI7UadavGqZLxVJd7USFFSlcmSRjkUJUpI4pBBUokAZAzyUkHErJvX1Ebh2tnUm2e0FlRYF8mQ5c5wcU86lR5qbUp1jKPgnyQRySsciQQnINDxm+p7qwnXG/Ke/LkdpyX4Nby2nBAZUltllOCvgpS3G1OBKkjK3lJKSRV/wIkWBBYgwYzMWJGaSywwy2ENtISMJSlI8kpAAAA8gBQTn069ROrtxdet6Cv23zMG6Q2pLt4mtTFMJiBtRSAYrqSsK5qabKe4SCoqwACBz976vdSWXV72kLlspNZv7UlMUwBeyt1TqiAhKAmOefLKSkpyFBQKcgg1tm32zekdE7i6l19bHLnJvWoXXlyFSn0qbYDr3ecQ0lKU4SV8f1ciAgYIyrMjbyf+cMg/1ksX/wAOJQXZpWXeZ2nYUzUNnZs10ea5yIDUzxSY5PwQXQlIUoDGcDAOQCoAKMzao6s9Uaa1q5ou77LPN6hbdaZMBnUKZDilupSptKe0woKUoLTgJJOTj4+VUzqq/wBm0tp2bqHUNxZt1rgtd2RIdPpQPgAAPNSiSAEgEqJAAJIFSb0nWBzd/eXVW+2rbcy6wzODVpjuhDiWZACCggp45VHZDSQpTfqLgWCFozQVZom4327aYiXDU2nPy5dnefiLb41EvsYWoJ/aoASrkkJV5fDlj4ip/wB5eqG+7X64k6Zvu1X+M9BkfmFH87i91aG3+KGVcOXbJ4KPIfvqmagfXrLe5/X8xZ2JbNzt0W7x462Z4WpgMwmkuS44QpJ9JW1IHHHFSlE5woqoNs1lv9utpDuKvvTnemmWYxlPSY158VHaaHLkpbrMdaEYCSSFKBAwTgEGtA2A3n03vFY5kuzxJtvn23spuMKSkHtKcSSChweS0FSXEg+lXoJKU5Gez1zdNN2XSF1uWr34TNgajLE8zEBbSmlDiUKQQefLPEIAJUVBIBJAqJvw3bXPe3T1He22OUCJZDFfd5p9Drz7Sm04zk5Sw6cgYHHzxkZCptbb97T6L1PL0zqbVfgLtD4eIj+z5TnDmhK0+pDZScpUk+RPx/jU5aN3m21t/WTrXcCZqTtaaudkbiw5vgZB7joRDBT2w3zHmy55lIHp/wBIzWd7290DfLo9dL3ofTNznv8AHuyplqYedc4pCRyWpJJwkADJ+AAqbNC6I0XJ669fackaQ0+9ZYun2no9uctrKozKyiASpDRTxSr1r8wM+pX8TQUNtluloTcr2h+Sr77V9ndrxf8ANH2e33OfD+lQnOeCvhnGPP8AdXZ142mNJ6V0v4j8s6astk8Tx8R7OgtR+7xzx5cEjljkrGfhk/xr2aBXJ7tbgWDbLRUjVeo1PKiMutsoYjlBffWtQAS2lakhSgOSyM54oUf3V1lQn+JLe5T+4ul9OLbZESDaFTWlgHuFb7ykLBOccQIyMYAOSrJORgNAmb6dQi9Op3Gh7PWxnQXabmKS7IU5MMUYC1ghxKgk+pQc7HFKCFkKSOR1npz3ps28unZ0yHbnrTdLa6lE+A453UthfLtLQ7xSFpUEK/cCClQIxxUrRrFa4FjscCyWtjw8C3xm4sVrmpXbabSEoTlRJOEgDJJP8ag3pW/6C9aNy0daP28ByTdbIXJXqd7DBW6hWU8RzKozeTjGCrAGQQG278bUa905ebvuxstqnUDWoZLviLvZ1yPEtzEJb4DtNrCgtSAVlLSwsAKw1wKUIV2fTPvlZt39Olp0M27VUFoG424K9Kh5Dvs5OVNEkZHmUEhKs5Spev1DV1Yn7S/iAxHozc1cDU9yQ4lCpiU+IauCihwq4DzQ3JUtSUKGT2UefwXQVlvb+e/dhd/dp/8Auz9j4D+g/wDXt9z+n/Z/0fc/V/3eeKwDUG027kLZi8a41PvZrO36ujRpV4lwIdycMJttDS3PCpS2tISvkBlaD20+aUoUAFGsqkDfTdfUm82r1bKbKL8RCf5N3m8trKWnWgQHAHBnjFTnCljJdJCEApIDoaZ0R661JrzZhUvVE3x8213Jy2tylg915pDTS0qdVn1rHcKeXkSEgnKsqO51ye0eg7NttoK26UszLITGaSZchtrgqZIKQHH1glR5KI+BUeICUj0pAHWUClKUHGbZbpaE3K9ofkq++1fZ3a8X/NH2e33OfD+lQnOeCvhnGPP91dnUZ/hl/wDaD/s3/wAVVmUCss6o9Pa01BtNLOgdQ3OzXq2O+0Upt7rzb05DbbgVGSWjy5K5ZSMEKUhIwM8k6nSg/mbstqjX2v8AcO36Rum9+s9O+0eTcWYq5vvIL+MobUFSG8c8FKSCSVlCQn1ZFM/ycN0//wCTms//APWT/wA5WJ9bO2dx293RRuJp996Pbr9OVLaejd1LkCeniteXcnClr5OoIUDkLASA2Cas6Wd12d1ttGZslfG/2vhDu7alt8nHQgYkBKMcUO+ZHpSApLiRkIyQkDf+Dvvs7fIcS8bramuEC5d5Vumxr9KHdS2oAhbZXlCwlTaiPUn1gBSsHF2bMS5U/Z7Rc6dJelS5On4Dz77zhW46tUdBUpSj5qUSSST5kmvL3+2xgbtbeO6VmTfZ7yZLUqHN7SnfDuoJBV2wtAXltTiME4HPPxArp9CWL8r6HsOmfFeL9kW2PB8R2+Hd7TSUc+OTxzxzjJxn4mg9mlKUClKUClKUCv59dWsvd7bbdmcEbjat9i3t1242tUa5ymWWkLcUVRgOXEKayBhJI4ls4Ty4j+gtZz1GbZt7r7XTdMIfZjXFDqJdskPc+21IRkDkEn9KkKWgkhXEL5BJKQKCedlts9fbobeW/V1r6l9ZxvEcm5UNTj7i4j6DhbaimZ/qUkkJJQpCilPLFe1rLp933t9jcl6W3+1NfZ7eVeCkz5ULuJCVHCHO+scyoJSArin1ElQx54z0ibrz9qNy3NK6oXNi2C5yfBzoslaWU26ZzSgSFpcxw44KHPNPp8zyLaU1/RigiDoG1vrTUu8N2g6j1fqC8xG9PvPIYn3J6Q2lYkRwFBK1EBWFKGfjgn+NW/WTaF2UgaQ371Puhbrv+xv0ZxtVr8Mr9k664y4673lOEq5ONrVx4gDuYGAkCtZoFKUoFKzPe7fDQ+0fgWdSOzZc+dlTUC3NockJaGR3VBS0hKOQ4gk5Uc8QeKin8W3HUJtxrbSGodUszJtlgae4KuXtVkNqbQsHtqHBSwvmpKkpSklZUnHH1J5BrNKm2B1n7TyZzEd616thtOupQuQ9CZLbIJwVqCHlKKR8TxSo4HkCfKqSoFKUoFKUoFYn1A9R+kdp53sIQ3tQaj7SXVQI7yW244JTgPunPbUpBKkpCVEgDISFJUez343Ai7ZbXXfVbymVS2WuzbmHSCH5S/JpPEqSVJB9agk8uCFkfCpf6CNtYGrLpd92dWH2xNh3ItW8yXlOKEziHXZLoUPWsdxsoUVHCitRHIIUA63VW7fVPaNOzdXu7R6fgaeaa8WEv8npMeOfMd1CJKXOSUkcz208cKKkoAOOz2w351RuBtdqnW9j2qefVZXW2YkBm8pccuC/JT6U/sgpKm21IWBxUVlXFOVeVbNqyyRdS6Vu2nJzjzcS6wXoT62SA4lDqChRSSCArCjjIIz+41z+zu2um9q9IflnTJmrjLkrlPPTHg4686oAFSiAEjCUoSAlIGEg+ZJJDDNseq3Um42r4ul9L7Q+Imv+pxxeoClqM0COTrqvDHihOR5+ZJISAVEA0bra43206Yl3DTOnPzHdmuHh7b41ETv5WkK/arBSnikqV5/Hjj4moZ/Di/v33n+rb/8AaY1VZ1Pboxdrtrp9xZnMtahnNKjWVgqHcW8cAuhJSoFLQV3DyHEkJSSCtOQybQHVnqjXuokaf0jss9dbippTxab1ClCUIT8VLWtgJQnzAyogEqSB5kA0/fZE+HY58u1272nPYjOORYXfSz4l1KSUNdxXkjkoBPI+Qzk1g3Q1tdF0dtdG1dcILP5h1G0JPfKQXGYSsFloKClDioAOnHEkrSlQy2MbzfbpAsdjn3u6P+HgW+M5KlO8FK7bTaSpasJBJwkE4AJ/hQTNZuqrVl43Dc2/t2zHf1K3JfiqhfmdpOHWAsup7imQj0htfnywceWcivvqTqk1dpCcga32H1BYbcmcIj81c5S285PLtKLCW3lcUrUkBwBQTkKx51mX4eNklX/dnU+t7o4zPdt8Hit+WS7J8VKcJ7yVKB9RQ0+lS+QV+0x5hSsbb17XTTcXYGda7u/CF2nSWDZmXUBbqnW3kF1bYwSni0XAV+QAXxJysAhr+3Wr7Nr3RVs1dp9byrdcWitoPN8HEFKihaFD/GStKknBIJGQSME5z/Kj2J/z5/4TN+zXM/h52ufb9hH5cxjtM3O9yJUNXNJ7jQbaZKsA5H7RlxODg+nPwIJ1n3T7WfLTRn/uKN/9FBLPRVvNtrt3tZc7JrHUnsye/e3ZTbXgZD3JpTDCQrLbah+pChjOfL/VVgaJ1TYtaaYiam0zO8faZnPw8jtLb58FqQr0rAUMKSoeYHw/hUv9A2iNF6l2eu07UekNP3mW3qB5lD8+2syHEoEeOQkKWkkJypRx8Mk/xqrLJabVY7Wza7JbIVsgMcu1FhsJZab5KKjxQkADKiScD4kmg+8+XFgQX506SzFiRmlPPvvOBDbSEjKlKUfJKQASSfIAVM0/qivOs9VP6Q2O0C9qW4hpS2p9xd7LACF+twtZThoo48VLcaPJxIKc4SrkvxEty/8A9O2ttMv/ABbheu05/wD8GFcV/wCt1SFp/wDUKBqhunzaqzbUaCi2eHGZN4ktNu3malXNUmQE+YCilJ7SSVBCcDAOSOSlEhg2p+pTevbC+R426+11laZmxlOQ0QZKmeagoAkPBx9CuIzlGAoc0EkAjl1u8fUtqja68wLdqPaB5pM6CzJZfN9T21rLaC+0FIZUkqacUps+eSAlWAlac6ZvLs3pHdidp+Rqxy5lqxuurajxX0tNyA4WytDp4lXE9oD0KSQCcHOCJ5/E0/7Pv9pf+FoKM2L1zqTcTSCdUXvRX5VhSuKra25cDIdlNEH9qU9pHBB8uJOSoZVgJ4lXAdQfUJfdn9TtW+4baePtMzPs25e3UN+L4IbLv7INLUjgpwJ9WM4yPL4aZsT/AHkNB/1bt39mbqYNfS4vUl1YWfR9sksz9E6WaU9KfZcCm5CApBkqSocF8XF9mOChSgAO6nIJoKM2I3A1RuNp1eoL5t+9pO3PtNPWt124pkKnIVz5KCOCFNpHFBBUMLCwU5Hmef6jt6L7s94O4e7723YJPBn2l7ZRH4yld09jtdtazhDXLn+nzx8R57BAiRYEFiDBjMxYkZpLLDDLYQ20hIwlKUjySkAAADyAFRn+JXf21ztG6WYuL3daak3CXDBWGyFlDbDh/wAFSvRIA+JSCr4BXmGgWzqJ3LuuioGsrR0+XO62We6pqM9AvgkuKKVLSolpthTiUhTahyUkDOPPzGfZ2Q6lbNuDrVWhr1pe56V1OXX0NRHld5tRZTyW2pXFCm3RxdJSpAADf6uRCa1PanTP5N2003pZTUJp62W1iPJ8GnDS3wgd1xPkCeTnNRJAJKiT5k1DN39lay6+IUjQXgp8BepIUsOQ+LbTnh0tOy3Uk4CvU0+sqGeZyUlXIEhbO5u6WhNtfZ/51vvsr2j3fCfzR97udvhz/okKxjmn44zny/fUs9R+822urt09ob3p7UnjYGnr2ZV1d8DIb8O134iuWFtgq9LSzhIJ9P8ApGbA1PpPSuqPD/mbTVlvfhuXh/aMFqR2uWOXHmk8c8U5x8cD+FS/1TaI0XZt4dkoNo0hp+3RLlqAsz2IttZablI8RDHF1KUgLThahhWRhR/iaDbdE797T601PE0zpnVfj7tM5+Hj+z5TfPghS1epbYSMJSo+ZHw/jWmVzNk290DY7ozdLJofTNsnscu1Kh2phl1vkkpPFaUgjKSQcH4Eiss6geprS+1t5/LkK1vai1Cy6kToYdVFbioU2lxKi6ptQUpQWjCUAjHLkUkAKDeannqs301LtnqrTOltD222Xe9XVpbr8OVDfecwpaW44a7a08lLWHhxHI5SPIZGe66dt4LVvFpCTeIkD2VPhSTHm25UpLymsjk24CACUKTnBKU+pDgGeOTNmtlua/8AxErRahe2XIllnRRFcaQhxLYhseLcYJSRlXeS8gkklBUR58Qmgt+lYN1AdR0XaHcW16WnaTeukSXBZmvzGZwbcaQt5xtQS0UELUA2SMrSCTjI+Nft62tXuaS6f7uiMt5uXfHUWdlbbaFpSHQpToXy+CVMtvJyASCpOMfqAZlqrcXcvfXdmbt7tFdntO6StTvauuoIqwVOBLn9Ml5ByEqLZDSG1guDkVEIKg3vOw21tq2j0OrTNruU249+SZkqRJCU8n1NNoWUJSPQg9sEJJURk5UaznoB0vFsuw7N+QWXJeoJz8l1wMBDiENLLCGivJK0gtrWM4ALqgB8SaGoOZ3O11pvbnSErVGqJvh4THpbbQAp2S6QeLTScjktWD5eQABUSEgkT/at/wDeXczxczZjaeFItMCSth+ZeJiT3s4LYSO4ylCwnzWhKncc0eYGCrJt0rt/KL6tbXo6Fc+OmoklVviuNv8ApWwyFOyn2yC4grcDa+CwMKSlnkBgmrs0rYLNpbTsLT2nrczbrXBa7UeO0PSgfEkk+alEkkqJJUSSSSSaCbNsepDcefuvF2r1ltnCa1K9cvDyFRZpipisBAWtztudwOcW0rcBS4A4njxzkFX4731e6ksur3tIXLZSazf2pKYpgC9lbqnVEBCUBMc8+WUlJTkKCgU5BBrbI+zekWt8JO763Lm/qF5oIQ04+kRmD2Esc0ISkKKu2kj1KUPWo4zxIkbeT/zhkH+sli/+HEoLs0rLvM7TsKZqGzs2a6PNc5EBqZ4pMcn4ILoSkKUBjOBgHIBUAFGZtUdWeqNNa1c0Xd9lnm9QtutMmAzqFMhxS3UpU2lPaYUFKUFpwEknJx8fKqZ1Vf7NpbTs3UOobizbrXBa7siQ6fSgfAAAealEkAJAJUSAASQKk3pOsDm7+8uqt9tW25l1hmcGrTHdCHEsyAEFBBTxyqOyGkhSm/UXAsELRmgqzRNxvt20xEuGptOfly7O8/EW3xqJfYwtQT+1QAlXJISry+HLHxFT/vL1Q33a/XEnTN92q/xnoMj8wo/ncXurQ2/xQyrhy7ZPBR5D99UzUD69Zb3P6/mLOxLZudui3ePHWzPC1MBmE0lyXHCFJPpK2pA444qUonOFFVBtmst/t1tIdxV96c700yzGMp6TGvPio7TQ5clLdZjrQjASSQpQIGCcAg1oGwG8+m94rHMl2eJNt8+29lNxhSUg9pTiSQUODyWgqS4kH0q9BJSnIz2eubppuy6Quty1e/CZsDUZYnmYgLaU0ocShSCDz5Z4hABKioJAJIFRN+G7a5726eo722xygRLIYr7vNPodefaU2nGcnKWHTkDA4+eMjIVNrbfvafRep5emdTar8BdofDxEf2fKc4c0JWn1IbKTlKknyJ+P8anLRu822tv6yda7gTNSdrTVzsjcWHN8DIPcdCIYKe2G+Y82XPMpA9P+kZrO97e6Bvl0eul70Ppm5z3+PdlTLUw865xSEjktSSThIAGT8ABU2aF0RouT116+05I0hp96yxdPtPR7c5bWVRmVlEAlSGinilXrX5gZ9Sv4mgobbLdLQm5XtD8lX32r7O7Xi/5o+z2+5z4f0qE5zwV8M4x5/urs68bTGk9K6X8R+WdNWWyeJ4+I9nQWo/d4548uCRyxyVjPwyf417NApSsZ6wty/dxtBM9ny+zf73yt9t4OcXG+Q/avpwtKxwRnC054uLayMGg8beLqg03ovV/5L0zYJus9RokojPR4bwbaQ6olJZSsJWpbwVwSUJQRlRHIKSU1xmsN5+p3QFra1JrjazTLNgaktNy3IrhWoJUr4cm5Lna5fpC1IKQpSRgkgH7dAO1Vmg6KZ3SuUZmXerk6+1bXCrkIcdCi0shJSOLq1pcBUCr0cQCnksGht0tFWrcTQlx0de5E2PAuHa7rkNaUup7bqHRxKkqH6kDOQfLP+ugyyHvzqib0/q3ch7VPSY6ZziFQWrylahCbBSuYVBrlxS6lSCjhkBJWTxGa8zYvqQ1Ju3q9Nksm1fh4THFy5XJy+FTUJok+Z/m45LVghKAQVEHzCQpSe51jpCzaC6W9U6R0+h5Nut2lrkhovOc3FlTDq1rUf8ZS1KUcAAE4AAwBg34Zf/aD/s3/AMVQUzvLq6+6G0PJ1NYtJfmbwXJ6dH9ooh9iKhpa3H+S0q5ceAHBIKjy8vhWQbL9S2qN09VN2jT+0DyojLrPtOeL6ktwWVrCS4eTKQpQHJQbB5KCFYHkSP2dcu6MXR210nSNvnM/mHUbRjdgKBcZhKyHnSkpUOKgC0M8SStSknLZx2fTDtdF2u2ugW56Cy1qGc0mTenwkdxbxyQ0VBSgUtBXbHE8SQpQAK1ZDutbXG+2nTEu4aZ05+Y7s1w8PbfGoid/K0hX7VYKU8UlSvP48cfE1OW3HVVqzcS+PWTR2zHtOexGVKca/M7TPFpKkpKsuMpH6lpGM58/9dbb1AX9vTGyWsbyu4vW51q0PtRpLJWHG5DqS0wUlHqSrurQAoYwTkkAZE8/hr6Z7dj1brF5qEvxElm2RnOOZDXbT3XhkjyQruseQPmW/MelJIezL6trrp26QW9wNldTaXgS+5xfdeV3V8E+fbbeZaC8KUgH1jAVnz8gaN/NNi/I/wCdfHf3A9m+1PF9pf8A5L2u73OGOf6PPjjl+7GfKpm/Eiumm/yPpyyOPwl6lFyEphrgFSG4fadS4rOMoQpwNDBI5lHlngeOp9JtgcjdMGlbNqC3MuNTIL7rsZ4IdbejyXnXUBQ80lK2nEkpP7lYIByKDkt2Oo/Zi+bWatslr1l4ifcLJNixWvZktPcdcYWlCcqaAGVEDJIH8a5npc372n0XsTp3TOptV+Au0PxXiI/s+U5w5ynVp9SGyk5SpJ8ifj/GtT3n2y22gbPa0nQdvdJRZcbT895h9mzR0ONLTHWUqSoIylQIBBHmCK5LpA290DfOnbS90veh9M3Oe/4vuyplqYedc4y3kjktSSThIAGT8ABQanr3Sul96NrmLbKuNzFiu7UefHkwH1R3HEHi42SlScKSQQeDiCAcHAUlJE82Tc/cfp93LZ0VvHdJupdGzuQtt+WguOpRzJ73LzW5grAcaUVLQOJQSkJDlcwIkWBBYgwYzMWJGaSywwy2ENtISMJSlI8kpAAAA8gBWM9bWkHNW9P93XGQ85LsbqLwyhtxCEqDQUl0r5fFKWXHlYBBJSnGf0kNmgS4s+CxOgyWZUSS0l5h9lwLbdQoZSpKh5KSQQQR5EGvF3F0hZte6KuekdQIeVbri0EOllzg4gpUFoWk/wCMlaUqGQQSMEEZByboQ1RK1J0/w4swPKdsU561pedfLqnUJCXUYyPSlKHkthOSAGxjA8hvNBFvRTfr/t3vLqHY7U7rLDS3ZD0drwy+Tk1sIyptZSD2nI6C4CsAEIQU4KiFWlUG9Xk33a9X1k11a1zXZLkaDdpTKZPa7nBa2FspWlOUoW0wEqzyzzXnIPGryoFKUoJg/Eav7cHaay6ebuLzEu63cOqjtlYTIjstqKwsj0lKXHI54qPmeJAPHInncrabX2munHSOrZOr5t301M7UtdlbU+qPa/EJUtl0Ako9QcKVK4o4rdCQV8+VdN+Ilqn2tu/btMx53ejWG2p7sftcexKfPNfqIBVyaEY+RKR+7B5VaeqtB2a87TTduY7LMW1u2j2ZDDrXiUxQlvgysBZytTZCFAlWcoByD50HGdHWprNqXp/08LPDZgqtLXsybHaThKZDYBUsnikFTgUl4kZ83SCSoE1rM+XFgQX506SzFiRmlPPvvOBDbSEjKlKUfJKQASSfIAVCfQRrp7R25d3261NN9lRrplLMWcHG1N3NtYQGgkni2taStKgoAqU00nOcJNs65Tpv8oXV7V8OFLsEaMuVPamRRIa7TQ7hUpspVy48OQABOQMeeKD4ab1vovUs5cHTmr9P3mW20XlsQLkzIcSgEAqKUKJCcqSM/DJH8a/bH09YI2opOo49jtjN6lNBmRcW4iEyXkDiAlboHJSfQjyJx6U/wFQN0l7owNrNIavnwrFetV3+d233LXBjKS1ChxRlUp+RhXBB8SseSFcSz6ikLBqxtg93bBu/pV+72iM9AlwnUMT4EhxCnGVlCVck8TlTRJUlK1BJUW1ekYIoNGpSlArGf5LmxP8AmN/xab96tmqM/wCQx/7Uf+Af/cUGzfyXNif8xv8Ai0371P5LmxP+Y3/Fpv3qxn+Qx/7Uf+Af/cU/kMf+1H/gH/3FBTO2W1uhNtfaH5KsXsr2j2vF/wA7fe7nb58P6VasY5q+GM58/wB1dnWM9MuxfuW/MH/Sn277Z8N/6B4bs9nu/wD9i+We7/oxx/fny2agUpSgVI3SfZJT/VpvJqNDjIiQZ06E6gk9wrfnqWggYxxAjLzkg5KcA5OK5qTfw7vbt3942tbx+29t3KPzl+hPelJ7zr/oTjj/AOUNn4BPrwPgQAoa+7b6IvuvbZrq8WBmbqG1NJahSnXXClkJUtSSG+XbKkqcUoKKSQcEEFIxCfT/AKSe3z6g9RXSbFmwtLzpMi6X2MxKcSlxpyR3moanUpAVydCDg8CUsrUkpUkYtLqbvcWwdP8AredMbecadtD0JIaAKuckeHQTkj0hbqSf34BwCfI4/wDhxaZ9n7aX/VLrU1p68XJMdvup4tOMR0elxvyyf2jzySckZRjyKTkOM/Ei9lQ/d5Yrd4KP4GNN4wY/FHh2D4dDWG0/oQe2tKfID0KA+BrbekzZaLtZopqdd7eyNZ3Jom5Ph0OlhBVlEdtQGEpACSvjkKWD6lJSjGDdRUP3l9ctg0Uuz+IjQfAQZjfieHiYoBmSF59JRhp5wYBKjwyDkgCmeqi+/l3p51rcPC+K7ttVB4dzhjxKkx+ecH9Pd5Y/fxxkZyAmzoJQ5ft/dc6ytlkZtdlXBfHhmVo7cIyZSHWWEgBOUhDLgBSkABH7sgV1v4jus/A6QsGhYkni9dJKp01LUvioMMji2hxoeakLcWVAny5R/IEjKeM6P9y9uNpdmNRak1FL5Xyde0RvAQ3A5NkMIaQWillSwEoSpyQS4eIPmnJPFNeL+Iil6Vunpq9ohzWoE3TbIjuyIrjPJQfeUpBC0gpWlLjZUggKTzTkDNBX/TzoVnbvaCwac8F4WeIyZN0Ci2papjgCneS2xhfFR7aTk+hCBk4zUtWpqBuB+IxLkotc2TAtlyWqQFJUOy7AjBpLqig+SPEst8SThXJAI9XGt53l3401atOtWbb2/wBs1NrO/u+zbIxa5zD6WZDmEIedWSptCUqWkgL/AFnA/TzUmX+iTVeh9vpGt9eauvXhJMC2sxYUJDiC7NS64VOJaaPqcWFMsjIISkLJXgepIXZqPRel9R6isWoL5Z2Z9x0+649a3XVKKY618eSgjPFSvQggqBKSkFOCM1CfUA1qTavrBn3vRVr7VyumZlmQEmUp52Ywph1xDeSSsvqfKUKGOQHpKMA0be+rTa+36QeuiU3pN88Ml+NYJkBxiQ5zALRU5xU0lC0KQ4FhavQoEBRwkynv1bd0nIOld7tYXR5M/Ujqn7eIPJLdpZQG3YiUOJJDSlBbi0IB5AIKlKKyviFWbe9LehImkFMbixPzdqW4SROulzdlPpUXyFZQ2tKkr4ZWokqOXFepQ8kJRpm+395DXn9W7j/ZnK5PTHUNoK+XnRWno7z0q+6ogtyVxbYPGt2xam+ZakLR5pUCFpOE5SElTgbT511m+395DXn9W7j/AGZygwb8NqyRWNutUajQ48Zc67phOoJHbCGGUrQQMZ5EyV5ySMBOAMHNWVHX4Z0uUuDryCuS8qIy7AeaYLhLaFrEgLUE/AKUG0AkeZCE5+AqxaD+ee5dv9m/iAxI/jZsznq60yO5Ld7i091Ud3tg4GEI58ED/BQlI88Zr+hlQP1q2i87fdSlp3NihmS1cHYtygh5H7NMiGGkKZUEr5KT6Glk+nId4jzSTVZbg7taXseyUzcm0322SIj8FarK67yU3LlFKu0zwGFlXNOFI8lJCV8uPFRASN+HF/fvvP8AVt/+0xqv+pA/Di0K9Ftd/wBxJ8Lh47jbbW6ouJUppKuUhQBAQpClhpIUMkKZcHpwc7ZM320XC3wTtFMZuca9KdbZTLdSyiGVuMB5CQsucuSuSUAcMlagB8c0Gp0pXmaqv9m0tp2bqHUNxZt1rgtd2RIdPpQPgAAPNSiSAEgEqJAAJIFBBvXhtZF0br1rWVnWy3btTOuvSI7kwKeTN5FbykNq9XaVySrIKglSlA8AptJsXp11JqTV+yumdR6tZ7V4mxlKfPhyz3UhxaW3eHwHcbShzIASeeUgJIFSntrYLz1Wb2y9c63tz0LR9paDCGYw4tqCFcm4Pd9KlKPcW444ATg4Hb5t8bsoFZzr/fHavQeol6e1Tq1mFdG2kuuR24r8hTYV5pCy0hQSojB4kg4KTjCgTo1R114Ji6v3h2v22Q89DlyXcOyi0FttomyGmEKA5AqUksLJSeIwU4PmcBX8CS3NgsTGUvJafaS6hLzK2XAFDICkLAUhXn5pUAQfIgGvtU8739ScrbjdFOhIOhmdUS3mmFMeCvJD5W75JZWyGFFLpOCEAqJSttX+FgbzYpE+ZY4Eu6W72ZPfjNuSoXfS94Z1SQVtdxPkviolPIeRxkUHDaz0pojSFx1PvYjSzM3VUG0SJS5Dklzk4GY+OKAoqQ0oobCOaUZwVfHkoGQOhrapvX2orjeNSxnpWkrS6y6YTiliNOnp5doLTx4OpaQtwqSSCO6gEFC1A0Z153uLaunO5wZDbynbzOiQo5bAKUrS6JBK8kYTwYWPLJyU+WMkfboZ0z+Xenm1SHGprMm9yX7m+3JTxxyV2mygYB4KaaaWCc55kg4IACeuveM5qXqRsGnrEpmddHrRDt6Y7byApMhyS8UNrJICFEONn1EeS0n4HNUlobbzTex/T5fAqxwrvNasj07UAcUFpubrcdSlslakf0P60JSUYCVElJUpZVgGlYfvK/EMutwes/KFY7k89JR4nHb8A2I7L+RxJy+hhXAZxyweSQo1s3X3ffZHTzLt/he97buUWDz7nHs8VGRzxg8v/J+OPL9ec+WCGf8A4aNrns2PW97cY4wJcmHFYd5p9brKXVOJxnIwl9o5IweXlnBx4v4gF/n6q3L0jtVYD4qS3xcXHanJCXZklYbZacQcJQtKRkKWf0yP8EHKug6XN1dtNtNj9HWeRJelah1Jd30y4FrSZklt5T5aS660lRUhPbQwAhI5L8ihCzyNZzv3/cfr4gXS7/3PgKvdkliVK/ZNFhCYyVu81YHBKm3AVZwChQJ8jQXNobTNq0bpC1aWsjXagWyMiO1lKQpeB5uL4gArUrKlEAZUon99Rn0dNQNcdWWsteM2uaqA37QuUF51Kk+FdkyMNpcKCUc1MuPjiSQcKIzxyNM6qd7bJN0PcNAbcXWFqK+Xq2yXJMi3SmXY8OA20tySVLOUKWplt1IQDyAJVkHtheWdHm4u3m0e02p9Wajuzzl4uN3ZhJtEVbbkl1lpsKQ4holJCcvPclqUE+gAeryUFmSNF6Xk69ja7kWdl7UcWCYEec4pSlMslSlEISTxSr1rHMDlhSk5wSK/n1HteuNAdS2q9u9uWPY1zvUl6ywVpWt1cOA+82+26lxBWpGGEoUpw8lIQVnyWnKaZ3O6tNCWHSEpenEzZurh+wFmnwH4yoL+DzEkqSB+zUCFIQokqHEEAlaZm3Kt+4+z28+kdwdcTZtz1DP7V6mrbdLSVLS6pLsEPpBQcMhCFBA4JS6EBJRxKgr/AG66a9r9JWvT3es/tW+WWSmci7uOuNOuygpCuZShYHBKm08W1ckpAPxKlqVxn4jv95Czf1kY/s0mtT03vToLUu6K9vtOXB68z24JmLnQGvEQUgYygvIJAVhSTyxwyQjlzPCs/wDxBLJKuvT+qdHcZS1ZrvGmyA4SFKQoLjgIwDlXN9B88DAV55wCGp7E/wB5DQf9W7d/Zm65/q0vcqwdOes50Ntlx12CmEoOglPCS6iOsjBHqCHVEfuyBkEeR8zot1T+aOnnT/eneLm2juWuT+y4drtK/Yt+QAVhhTHqGc58yVcq/b1g2ufeOm3WMS3Md95uM1KUnmlOGmH23nVZUQPS22tWPicYGSQKDLPw2rJFY261RqNDjxlzrumE6gkdsIYZStBAxnkTJXnJIwE4Awc1ZUp/hv3+zL26v2lhcWfbTV3cuCoZOHDHWyw2HBn9SeaCDjPElOcck56bqs6im9rXoentJm2XPVSnUuzY8ppbrMWOUEgLKHEFLqiUFKcn05JA5IKgoaoz6p/+u9tV/sf/AOZPVX9i9q+w4Ht3wXtbwzfjvBcvD9/iO52+fq4cs8eXnjGfOoU/EOlyoG/un50GS9FlxtPxnmH2XChxpaZUkpUlQ80qBAII8wRQaZ1m3y8691rpvp/0TIZVcbi6Jt1KpHBtASlS223Clf6UoSt9SFIJIDCkZOAaT0Npm1aN0hatLWRrtQLZGRHaylIUvA83F8QAVqVlSiAMqUT++p/6INvLrHh3beTVrvdv+r+bjAUyplbbC3i444pPpR+2WELSAnAQlBSrCyBTNB8Z8uLAgvzp0lmLEjNKeffecCG2kJGVKUo+SUgAkk+QAr+bXTrpjdrcfdG7640PerZb9Q291ybMus8IS2HpXcSoBsNrBUsF4+SOIAPmk8QbS6vdTflfp51VIbdhJkz4wtjDclWO74hQacCBkFSw0p1YAzjgSQQCKyz8NqyRWNutUajQ48Zc67phOoJHbCGGUrQQMZ5EyV5ySMBOAMHIZNfLnuLrLe2NstvluRc4MQTm4i0WqK0WJi3FNLZSoNBA4uDgUOOIWW1KTlCfXxt/bHQum9udIRdL6XheHhMepxxZCnZLpA5OuqwOS1YHn5AABIASABGf4hdrn2HefTur7Yx7N8ZbUFqfFWlt1cyO6oleUkLC0IXHAWf3BIB9OBctiukC+WOBe7W/4iBcIzcqK7wUnuNOJCkKwoAjKSDggH+NB+2vMj6esEbUUnUcex2xm9SmgzIuLcRCZLyBxASt0DkpPoR5E49Kf4CpN33VrSB1gaR0radb65lWvULsKZOt8e6vMttMqkuIeQ2iPw4NJZZyVfqAClqUTlVUzP3N22gTn4M7cLSUWXGdUy+w9eY6HGlpOFJUkrylQIIIPmCKDrKUrLNzd9tF7d7i2fRGo2bm3LurTDyJqEsiJHQ68toKdcW4kpSkoUpR4kBPn5/Cg1Ov55/iGW/we/bEjxs2R46yR5Hbfd5oj4cda7bQx6EHt8yPP1rWf34r+hlRN+JFo6em+ac3AbX3IDkYWZ9OEjsupU682c8sq5pW78E4T2vM+oCgtmoA2b/84ZO/rJff/hy6rnb7drS982Sh7k3a+2yPEYgoVenWuSW4koJT3WeBysK5qwlHmpQUjjy5JJmboZsFx1zvbqjd+9W5lDTLsh1pbYdbbTPlqKlhr4pUlDSnQpKlEpDrZwSQoBb9QB+I7/fvs39W2P7TJq/6hrqKh+8vrlsGil2fxEaD4CDMb8Tw8TFAMyQvPpKMNPODAJUeGQckABXO8Fp1dfdtrzZ9C3hmzahltIaizXXFNpZBcT3CFJSpSVFvmApIyCQQQQCJm212F6k9uIMuHovXWhrU1MdDslQa7rjpAwkFbkNSikeeE5wCpRABUc2LSgyzpr0Hq7QWlb/H1vc7Zcr1edQSLw/IgKUW1l5DQUSC2jCitCzgJwARj+A1OlKDGeprX+6ehvy/7tNFfmbxvifH/wBy5MzscO12/wCgUnjy5ufqznj5fA1jPv8Aeqf5K/S9y+7VmUoP5m9Muv8AdPQ35g92mivzN43w3j/7lyZnY4d3t/0Ck8eXNz9Wc8fL4Gtm9/vVP8lfpe5fdp+GX/2g/wCzf/FVZlApSlBz+4ukLNr3RVz0jqBDyrdcWgh0sucHEFKgtC0n/GStKVDIIJGCCMg/z66f/wA5bW9VUDSlu8FOnruQsl1RDxLadiqcSXlJUnzTwSjuE+lSC2QsDC0VWXV3vX7qtIN2+wSoS9XXX0xWnPWqIxhQVKKMEHChxSF4BUScLCFprxuinZT3f6YTrTUMWbH1ZeYxbXFkejwMUrCktlAJytfBC1FWFJ9KOKSF8goyvjPlxYEF+dOksxYkZpTz77zgQ20hIypSlHySkAEknyAFfalBmeid+9p9aaniaZ0zqvx92mc/Dx/Z8pvnwQpavUtsJGEpUfMj4fxrTKjrogTF1bv7uluTBeeYiPOuhiK80A4pE2Ut9KlEKISpIjgFIyCV/Hy8+/1Z1d7baa1VdtOTrJq1yXapz0J9bMWOW1LaWUKKSXwSnKTjIBx+4UFDUqINzerC3ak17oxzTz+rbBpW0zkz7ylpDQk3EpUClgoS6AWsJKTl3B7pJQe2nlU2ym6Fg3Z0rJ1HpyHc4sSNOXCWie2hDhWlDayQELWOOHE/vzkHyoPMsm/e0981ezpKyar9p3h+SqM0xDt8p5Li0k5KXEtlBQACouBXDiCrPHzrTKjrbhMXW34iWqb9DeeitafakFTbrQKn1sMN29aQQr0p5rUsK8yQkAgE+XZ6A6m7zrPdlGgLNtqzcFNzlMS7lb7/AOIjNR0OcHJaVGOkKaA9SSSnnlKR6lAUFJUpXxny4sCC/OnSWYsSM0p5995wIbaQkZUpSj5JSACST5ACgjP8QnayLGej7rWpbLLsp1EO8NvTAlTywhKWFstq/UrghSVpSc4SlQTgOKrX+h3UmpNSbCQV6iZ4otslVttj3hy134bLbYQrPwXxUVt8kjz7eDlQUTg16k3nqz6gGbPHS9F0Bp115ImxGfU3HUf6VSnAkh2QWkBKCDwHnwVwcKrfsVrgWOxwLJa2PDwLfGbixWualdtptIShOVEk4SAMkk/xoP21w25W7u3W3E6JB1lqZm2S5jReZYDDr7hQDjkUtIUUpJyAVYBKVYzxOO5qU/xJb3FY260vpxbbxlzruqa0sAdsIYZUhYJznkTJRjAIwFZIwMhTOlb9bNT6dhagszrz1unNd6M67GcYU4g/BQQ4lKgk/EEjBBBGQQT6dTnuzvJ/Jysei9EexIWqe1ZGY/dRdfCSE9hKWu4tjtOcULxlJ5nJS4P8DJ2zbq9XnUeirZfNQaae0zcZjRddtbz/AHXI4KjwClcU4UUcVFJSCkq4kAg0HM6z0pojSFx1PvYjSzM3VUG0SJS5Dklzk4GY+OKAoqQ0oobCOaUZwVfHkoGQOhrapvX2orjeNSxnpWkrS6y6YTiliNOnp5doLTx4OpaQtwqSSCO6gEFC1A0l1zam/LvTzdY7bs1mTe5LFsYcjK445K7rgWcg8FNNOoIGc8wCMEkeZ0JNWCx9NaLum7spS9OmTbwt6SgNwloIQQo+XbSGWmnDzOcL5Z4kYDM/xMYkVE7Qc5EZlMt5qey6+GwHFoQY5Qkq+JSkuLIB8gVqx8TVGWXWls0FsVpXUG5d4etTqbRAZmu3BLi5K5SmUckqRguLd5BRUMFQ4qJ8gSJG1h/+aXqqah6d9OmrfGaZcmH+bum3MuZeeAXyJWpx5QbHH4Kb5pThZFc9Td7i2Dp/1vOmNvONO2h6EkNAFXOSPDoJyR6Qt1JP78A4BPkQ9rbXcfR+48GXO0bc3rnEhuhl58wJDDYWRniFOoSFKAwSE5ICk5xyGemny4sCC/OnSWYsSM0p5995wIbaQkZUpSj5JSACST5ACpG2B1V7lOjZrX3YhXn2te3ZHgH5vgl+axG7bSuDndWPD9wjCfQVn/A9W2dOe6l53a07O1DM0M9pq1tupagSHJ/iEziOQdKB20EJQQkcsEElQByhQAffRO/e0+tNTxNM6Z1X4+7TOfh4/s+U3z4IUtXqW2EjCUqPmR8P41plR10QJi6t393S3JgvPMRHnXQxFeaAcUibKW+lSiFEJUkRwCkZBK/j5edi0EjfiV3uUxpXRunENsmJOnSZrqyD3AthCEIAOccSJK85BOQnBGDnc+mSyRbB0/6Igw3HnGnbQzNUXSCrnJHiFgYA9IW6oD9+AMknzODfiXWue9Y9EXttjlAiSZkV93mn0OvJaU2nGcnKWHTkDA4+eMjO89NF/s2oditHu2a4szUwbRFt8sNn1MSGWUIcbWD5pUCP3/EFKhlKgSGjUqbVdRVx1P1KWbbbbY6fuNhddDU+4zGnSXC0HHJBjuIc4qT2kcUKKCCsE5KCFGkqCM+lj/rvbq/7Y/8AmTNfdEZzqQ6sHZgUzM290K6hpSS8hbUohSiCEEuIdS+82cqASFMNpBIVxzPO4101JbuoPcGNpd+ambd73dbU5HioK1TGpEhxtTHDB58sjAwTyCSMKAI/oL057Zt7UbXQtMLfZk3Fbq5dzkM8+27IXgHiFH9KUJQgEBPII5FIKiKDRqyDrJv7mnunPVLsa4swpc5pq3shwo5Ph51KHW0BX6lFkvfDzAClDHHI1+pA/Eo1N27HpLRzLsJfiJL1zkt8syGu2ntMnAPkhXdf8yPMt+R9KgQz/pn296go23k/W21l+stohXfliNJ7S5E/wxcSngHGloR61OoHJSMkEnCeKq+/T7aovUlr2W7u3rnUF2uNqa8WxZkNBmM4yFMoWpK0eltJwlLjaENqVyQsLJCsVl0yWSLYOn/REGG48407aGZqi6QVc5I8QsDAHpC3VAfvwBkk+Zkbbb/8N+viRa5n9wYEm9zIiIsXyaWxLStUNrg1kcFKcjEJIwg8SQnj5BfMCJFgQWIMGMzFiRmkssMMthDbSEjCUpSPJKQAAAPIAV9q+M9lyTBfjsy3obrrSkIkMhBcZJGAtIWlSSofEckqGR5gjyqQOmS56la6kdfwNR611bdNK6PauCEybven1xmC3JDSFyCVBoq7SXleoY9KlADhkBWWm9PWDTUFcHTljtlmiOOl5bECIiO2pZABUUoABVhKRn44A/hXp1zNk3C0DfLoza7JrjTNznv8u1Fh3Vh51zikqPFCVEnCQScD4AmumoIAs3/T/wDEMc9sfsPC6kf4eE9OfZza+xnly/V4Vvn/AByrHHIxf9fz605Li6A6/p87WMlmzxBqC4vKfecBbQiW08Y6lKTkJSoPtEk4CQr1ccHFv7na603tzpCVqjVE3w8Jj0ttoAU7JdIPFppORyWrB8vIAAqJCQSA6apm/Ed/vIWb+sjH9mk11vSPuhrTdnSt61HqmHp+LEjTkwoaLa28hwrSgLdLgcWsccONccHOQvI+Fcl+I7/eQs39ZGP7NJoG5m5fu46MdH+z5fZv9703At9t4OcXG+URvuvpwtKxwRnC054uLayMGu66TNqnNq9rmod2jMt6jubpl3VSFIcKD8G2QtKRlKEfuyoBa3SkkKFTN0aaHv8Auhr20ax1TOel2HQbTMW3iQlfJxaFOOsMIcGMpZWsOEFSikdpHHgocb4oFfzz6mbffd2usGXozT82FcHm+xbIBLqEtR0Nsd18LWkZPbcVIKh6lggpAJATX9Bp8uLAgvzp0lmLEjNKeffecCG2kJGVKUo+SUgAkk+QAqBuij/p11VXXWN3/YT240+9huL6Wu++4lpacK5HgEyXMDOchOScEEP27+6q6kdu5Fqse4G5PC03v1eP08wwl1KWnEF0IKW2HQtIUg45ISoLCeWOQFJ9Mu0WgtvNKx79pWS9epd8gsPqvMpvg46ytCFhLSCAWWlHC+ByrJAUpXBOOM/EPsDlz2Sh3mNbmX3bNd2nX5JCA5HjuJW0oAn1cVOqYBSnOSEkjCcjpuiG/t33pzsLRuL02XanZFvlF0rKmSl1S22wVfFKWXGcYyAMJ8uJADbK8y8aesF5nW+dd7HbLjLtrvegPyoiHXIq8pPJpSgShWUJOU4OUj+AqeevyXqTTuh7JqvTutNTWV4XJFvMS3TzGjrStp5xTiu2AtS8tIA5LKQAcJBUonZtjrfdbbtBpaPfZt6mXZdtakTnLu6pyWl90d1xtZWAocFLKAFeaUpAOSM0HZ1lnVLcoumth9dX5FrZfly7QLW64MNuKQ8ssIyvBJS2ZK1hJ8slQGORNanU5/iGWufcNhGJcNjus2y9x5UxXNI7bRbdZCsE5P7R5tOBk+rPwBID4/h4WBy2bJTLzJtzLDt5u7rrEkBBckR20oaSCR6uKXUvgJVjBKiBhWTn/QqqVq/f3cbclDLMOJJaeLsUulbja5srvoSDxAUlIYWCo8TkpwPM49Pa3XWm4f4fd/iJm+Km2u2zrbPisAd2O7NkOoYUpKiPQe+hXIZGErAypJTXx6Pr5pHaHp/u2v8AWUhm3v3yc6uEgSErk3OPGCW0oZZ5+akvOPJPknHIKWQjCgHP9cVi/NHVPojTPivCe17bAg+I7fPtd2c+jnxyOWOWcZGcfEVpn4jv95Czf1kY/s0muT6btL3neLfi49QGqtPs26ypd5WmOTzS9IbQllsgLSe4lpCCS4OH7ZKSn9Kkp7/8QSySrr0/qnR3GUtWa7xpsgOEhSkKC44CMA5VzfQfPAwFeecAhqexP95DQf8AVu3f2ZuvT3KvcrTW3WpdRwW2XJdqtEqawh4EtqW0ypaQoAglOUjOCDj94rOei3VP5o6edP8AeneLm2juWuT+y4drtK/Yt+QAVhhTHqGc58yVcq0Ddi1z75tZq2yWtjxE+4WSbFitc0p7jrjC0oTlRAGVEDJIH8aCRvw1LJFf1VrLUa3HhLgwY0JpAI7ZQ+ta1kjGeQMZGMEDBVkHIxb9RB+Gzf7NB1Fq7T0y4ssXS6tRHYEdw4VIDPfLoQfgVJDiTxzkjkQCEqI3nqk3wgbR6YQzbnYUvV07gq3wH21OIS0FgLdeCVpKUcQtKTnKl/AEJWUhs1Rn1T/9d7ar/Y//AMyeqoNnL3f9S7Xad1Hqdu2N3S6wUTXEW4LDCUO+toALJUFdtSOXmRy5YJGKjP8AEOlyoG/un50GS9FlxtPxnmH2XChxpaZUkpUlQ80qBAII8wRQaZ1m3y8691rpvp/0TIZVcbi6Jt1KpHBtASlS223Clf6UoSt9SFIJIDCkZOAaT0Npm1aN0hatLWRrtQLZGRHaylIUvA83F8QAVqVlSiAMqUT++p/6INvLrHh3beTVrvdv+r+bjAUyplbbC3i444pPpR+2WELSAnAQlBSrCyBTNB8Z8uLAgvzp0lmLEjNKeffecCG2kJGVKUo+SUgAkk+QAr+bXTrpjdrcfdG7640PerZb9Q291ybMus8IS2HpXcSoBsNrBUsF4+SOIAPmk8QbS6vdTflfp51VIbdhJkz4wtjDclWO74hQacCBkFSw0p1YAzjgSQQCKyz8NqyRWNutUajQ48Zc67phOoJHbCGGUrQQMZ5EyV5ySMBOAMHIZNfLnuLrLe2NstvluRc4MQTm4i0WqK0WJi3FNLZSoNBA4uDgUOOIWW1KTlCfXxt/bHQum9udIRdL6XheHhMepxxZCnZLpA5OuqwOS1YHn5AABIASABGf4hdrn2HefTur7Yx7N8ZbUFqfFWlt1cyO6oleUkLC0IXHAWf3BIB9OBctiukC+WOBe7W/4iBcIzcqK7wUnuNOJCkKwoAjKSDggH+NB+2vMj6esEbUUnUcex2xm9SmgzIuLcRCZLyBxASt0DkpPoR5E49Kf4CpN33VrSB1gaR0radb65lWvULsKZOt8e6vMttMqkuIeQ2iPw4NJZZyVfqAClqUTlVUzP3N22gTn4M7cLSUWXGdUy+w9eY6HGlpOFJUkrylQIIIPmCKDrKUrLNzd9tF7d7i2fRGo2bm3LurTDyJqEsiJHQ68toKdcW4kpSkoUpR4kBPn5/Cg1OoT/Elvcp/cXS+nFtsiJBtCprSwD3Ct95SFgnOOIEZGMAHJVknIxdlQb+JFa57O6enL24xxgS7IIrDvNPrdZfdU4nGcjCX2jkjB5eWcHAW/pOyRdNaVtOnILjzkS1QWYTC3iC4pDSAhJUQACrCRnAAz+4V6deNZNV6bvWkGdX229QnrA7GVKE8uBDSWkglallWOHHCgoKwUlJCsEEVhm0e/wDe90eoa46U0tHsqtEQYzsrxcmM83OfaQlDfJHrKfU+4kgKQk9vOcK8qCjKi38NqXFgQdyJ06SzFiRmre8++84ENtISJZUpSj5JSACST5ACrSr+Sm2bOrr/AHZW3ulpbyU6sdYhS42FKZdCHUupccCUqIS2UlZWBlKQv/BKgQqzp8tc/fHqGvO+N8Y5aas8lUWxRpC0qKXUJT2UlpRcCeDa+8opUkd5aVIz6gK/rmdq9HQNv9vLLo63L7rNsjBtTuFDvOklTruFKUU83FLVxyQnlgeQFdNQTb+Iff3LZslDs0a4ssO3m7tNPxiUFyRHbSt1RAPq4pdSwSpOMEpBOFYOP7caS6kdu9hHtZaO1LZbZp5+Mq/uW3iw9LU0ptOXv2jKkf0KEr49zPEYxzymn4jupvaG5dg0s07CdZs9tVIc7SuTrb8hfqbc88D9myyoDAOF58woYtmxaZtVp0PA0d2vH2mHbW7Z25qUud9hDQaw4MBKuSR6hgA5PljyoI/6VdFab3yvk3X+4+qb1qzUNnktl+0TmgmI0lanltgnKg4yVZUGkhpKVIWlSFIUOVs1A/QdLlaQ6iL3ou+yXoEuTBkwFwA4VtuTY7qVEHhlBUhCJGFk4wVAH1YNy6qtLl907Ns7V4udmVLa7Rm21xDclkH4ltS0qCVEZHLGRnKSFAEB+2fEiz4L8GdGZlRJLSmX2Hmwtt1ChhSVJPkpJBIIPkQa+FktNqsdrZtdktkK2QGOXaiw2EstN8lFR4oSABlRJOB8STUp/h9XLWmqZ2qtR6p1Tq27RIbTMKGifcHn4i1rKlukBwkF1AQ18DlKXTkeoVXNArjN9v7yGvP6t3H+zOV2dZn1UX38u9POtbh4XxXdtqoPDucMeJUmPzzg/p7vLH7+OMjOQE//AIZf/aD/ALN/8VVmVM34dulvZO0Fx1NIg9mTfrkrtSO7y78VgcEekEhPF0yR5gKP78jjVM0ETfiXWuAzfNEXttjjPlxpkV93mr1tMqaU2nGcDCn3TkDJ5eecDFs1Bv4kV0nvbp6csjj/ACgRLIJTDXBPodefdS4rOMnKWGhgnA4+WMnN5UClKUGM/wAlzYn/ADG/4tN+9Wm2TTFosukGdJ2tE2PaWIyorKBPfU600QQEoeKy6niDhJCgUAAJwAMezSgxn+S5sT/mN/xab96vj1WS4ugule9WmwyWbU0mDGstvZccC1LZUpDS2UdzJWrw4d8/NQCVKzkZG2VjPVTtbqrdyx6e0zZblZbdaWLl4y5yJYdVITxTwQWUpHFeEuPEpUU5IRhQGaDxulvTNq2j6aV6xuDXiJM62r1FcnIyUrcUwGS60ygkIJ4tAelRIDi3MKwc1wv4alklMaV1lqNbjJiTp0aE0gE9wLYQtayRjHEiSjGCTkKyBgZ+87Yjf/VWkLJt5qzcfTMHR1ujNxlt2xpxx11LIV2e4ktN93j+zTgrSnDaFkKWnKqS260hZtBaKtmkdPoeTbrc0UNF5zm4sqUVrWo/4ylqUo4AAJwABgAOgpSlApSlApSlApSlApWM7xXTfm4av/J+19lstpgGMiQ7qic93Et8iSGwhSMBfJlxKglD/pdaUe3nIwbos3ivNo3Jum3m4Uy5vS77O/Zybo/+2jz22+0pp4u4cKlpabaAKiUqbQkJ9ZICxtd338r6Hv2pvC+L9kW2RO8P3OHd7TSl8OWDxzxxnBxn4Gp//Di/vIXn+sj/APZo1az1H3SBZ9hNcS7i/wBhlyySYqVcFKy6+2WWk4SCfU44hOfgM5OACa5nol/6sWkf/wDN/tr9Bo2v9G6d15p1entUw3ptrcdS65HbmPR0uFPmkLLS0lSQcHiSRkJOMpBH30TpaxaL0xE0zpmD4C0w+fh4/dW5w5rUtXqWSo5UpR8yfj/CvZpQZ/ZtmdtbPuG5uBbtN9jUrkl+Uqb46QrLr4WHVdtThR6g4vy44GfLGBXW6qsFm1Tp2bp7UNuZuNrnNdqRHdHpWPiCCPNKgQCFAgpIBBBANenSgybbHp22p0BIiz7bp/2ldo3m3cbq54h0K7gcSsJwGkLSQkJWhCVAD45JJ6bdnbDRu6FjbterrX4nw/NUOU0styIi1p4lTax/3HioKQSlJUlXEV2dKDOdr9kdtNuHmpmm9Nsi6NtIQblLWZEkkIUgrSpeQ0pQWrl2ggHOMYAA5+J0xbNMavnakd0v4lcmS3JagOvqEKItJyQ2ynAKFK8y2vmj/BSEp9NbNSgya4dPG1923DumuL/apt9uVwktSe1cZzjsdhbYAwlGRyQrAy24VoAASkJR6a7Pc7Qum9xtIStL6oheIhP+ptxBCXYzoB4utKweK05Pn5gglJBSSD01KDOdmtltBbUMur0xb3nLjIa7Mi5zXe7JdRzKgnIAShPmAQhKQrggq5FINaNSlBBvSZJ90vVVftvL9cJrLMzv2lhTyfDNSH0OJXGeW2tWB3G0qDeORJfSE5CyavKpm6y9lLrqfwm5W3kXtastH7SWiFyRLmoRxLbjaknzea4+kAc1JIAUShCD1vTn1DaX3TgwrROeZtOsy0vv20hQbfKACpxhZ8lJIJV2yeaQlfkpKeZDTNf6L0vr3Tq9P6us7N1tynUvBpxSkKQtPwUhaCFIV5kZSQSFKB8iQcms/STstBnXCRKs9zujUp3mzHlXJ1LcMZUeDRaKFFPmB+0Us4SPPOSd5pQfi4wLHY+MeH4eBb42G40KKpXbabT5IbabSScJGEoQkn4AD4CpH2F0led4eoy4b/XO1swdKszlqtbUuLlc0ttdhgpQVKAU2EoWpwEgOowj4KLdi0oFQb1rbxvav1wrbCxXv2fpq3SRGvDzrLiEOzEOkL7hSFLWy0QPJKPNaVKAXhs1ct9t/taxz7X42bA8ZGcj+KhO9uQxzSU9xteDxWnOUnBwQDU5/wAiraz/AC/rP/fI3/L0H7dsd6embbnSEXS+l9W+HhMepxxdqmKdkukDk66rsDktWB5+QAASAEgAdBP6qtjo0F+Qzq56Y600paI7NqlBx4gZCElbaUhR+A5KSMnzIHnXJfyKtrP8v6z/AN8jf8vT+RVtZ/l/Wf8Avkb/AJeg5P8AD9eb1XuLubr65xGUXqU6yvkyVpbaEt5955CUlR9JW03jlkgJ+Pmc8/qpvWW4HWrrCftpqbs3bS9tfVAW+2HOK2I6Y7kVpD47Y5SHXEkqwgc1uAk45UzsXsppXZ72x+WbhepftfseI9ovNL49rucePBtGM91Wc5+A+H7/ALbWbPaa2+1VqLVMGbc7retQul2bMuXYU4klanHA32mkcErWoFSR5EoR5DiKDDPw95el16V1vqu8SWVaqZnKeu91nOKLiIS0BwKW8v0hKnG5C1nOSUAr+CKrmpmmdIWm5W4c27L1TNa0jNuQuEjTMeKGW1KAWUthxCwEoSpxwJw2FJbWpAUCedUnAiRYEFiDBjMxYkZpLLDDLYQ20hIwlKUjySkAAADyAFBzO5W3Gj9x4MSDrK2PXOJDdLzLAnyGGwsjHIpaWkKUBkAqyQFKxjkc+/YrXAsdjgWS1seHgW+M3Fitc1K7bTaQlCcqJJwkAZJJ/jX7aUGf7cbM7a7d3x696O037MnvxlRXHfHSHuTSlJUU4ccUP1ISc4z5f669rc7Qum9xtIStL6oheIhP+ptxBCXYzoB4utKweK05Pn5gglJBSSD01KDOdr9kdtNuHmpmm9Nsi6NtIQblLWZEkkIUgrSpeQ0pQWrl2ggHOMYAAby7LaC3XZaXqe3vN3GO12Y9zhO9qS0jmFFOSClafIgBaVBPNZTxKia0alBw2h9odtNFQZ0PTmjbZGantOMy1PIMlx5lwJC2VLeKlFo8U5bzxz54yTXM6A6bdpdF6iRqC3WF6XcWJypkJ2dKW8mGT+lDaMhJSj4pUsLWDg8iQCNfpQZNo/p42v03q93VyLVNu18NyduLMy6znJKmHFnIABOF8VEqStwLcCjyKyQCOg3l2q0juvp1qz6pjPBUZ3uxJsVSUSYxOOQQpSVDioABSSCDgHHJKSO5pQcZtNtho3a+xuWvSNr8N4jgqZKdWXJEtaE8QpxZ/wC88UhKAVKKUp5GumvtrgXyxz7JdGPEQLhGciymuak9xpxJStOUkEZSSMgg/wAK/bSgiDbW93/pO3Rl6N1229N0Tf3Q7FurAWW0FPp8QhvJAVhSUvNgFYCWyCsJQHLSsl2tV8tbN0slzhXOA/y7UqG+l5pziopPFaSQcKBBwfiCK+OpNPWDUsFEHUdjtl5iNuh5DE+IiQ2lYBAUErBAVhShn44J/jXmbcaC0nt3Y3rJo60+zID8lUpxrxDr3J1SUpKsuKUf0oSMZx5f66DJtZdI20eor45dI7d60/3cqci2mS2iOVlSlFQQ42vh+rHFBSgBIASPPP2030k7LWqCuPOs9zvzqnSsSJ9ydQ4kYA4AMFtPEYJ80k5UfPGAN5pQKyzfHYnRe7062TtRvXOFLtzTjKH7apltx1CiCEuKW2sqSkhRSPIArX/jVqdKD4wIkWBBYgwYzMWJGaSywwy2ENtISMJSlI8kpAAAA8gBX2pSg4bcraTQG486JM1pZXrq7DaLUZJuMlptoE5UQhtxKQo+WVYyQlIJISMNtdpNAbcTpczRdletTsxoNSUi4yXW3QDlJKHHFJKh54VjIClAEBRz3NKDjNzdrdCblez/AM62L2r7O7vhP52+z2+5w5/0S05zwT8c4x5fvr77a7caP24gy4OjbY9bIkx0PPMGfIfbKwMcgl1aglRGASnBISnOeIx1lfGe85GgvyGYj0x1ppS0R2SgOPEDIQkrUlIUfgOSkjJ8yB50EDXXcm1WLrJ11uVdNO3qX+XvFR4sa3rSpHfaQi3ockLUn9myvJyQCUrcbA5/BWjdP20UXeSd7+t05LN1l3ecp+HaI7YRECGCphKX0kErSC2kJRnBS2OanOakj0+nTYjVkfbTcq27mDw121niORM7U5TakIcUiYpaXFBa+6+VAEpUFMhWcqBHJ9Nv8orTjMbam26UesUSNd3Zc2+X2I69GjR0rZ5Mx/NLa0qUh3ybUrud8qSW8F2gtKozlacuvUV1VL1M1afCaI0fJYgSHrnb1IMvw7hcXGUy4cqWtxbgKVBPBop5pCiELsylArzNVWCzap07N09qG3M3G1zmu1Ijuj0rHxBBHmlQIBCgQUkAgggGvTpQYNH6SdlmtRSbouz3N+I80EItblydEZg+n1oUkh4q9J/U4oetXl+nGzaVsFm0tp2Fp7T1uZt1rgtdqPHaHpQPiSSfNSiSSVEkqJJJJJNenSgybfrfTRu2NjuUZV5hStWJjL8DaWwX1h8pSW++lBHaR+0Qs81IKkBXDkRisy6Mdpr7Hvl43g3GgzY+qLnJkpjRZ0JDK2+4oKelFBHJta1FaAAlGEc/JSXE422PtDtoxr2TrpGjbYdQyXQ8uU4grSHgpKu8htRLaHeSAruJSFZKjnKlZ7mgUpSgUpSgUpSgzPYvZTSuz3tj8s3C9S/a/Y8R7ReaXx7Xc48eDaMZ7qs5z8B8P36ZSlArn9xdX2bQWirnq7UC3k263NBboZb5uLKlBCEJH+MpakpGSACckgZI6Cs53x2fsG70G2QdR3nUEKJbnXHkMW2Uhtt1agAFOJWhYUpICgk+RAWv/GoIm211vo/X+9svcDqC1CyYkZoKhW4xpDrC1hWW2Q022seHbHMlClAqUpJV3OTma5/lR7E/58/8Jm/ZrjP5FW1n+X9Z/wC+Rv8Al6fyKtrP8v6z/wB8jf8AL0HGdX/UPoTV21C9HaEuvth66yW/HOKgvtJjsNLS6MFwIPNTiW8YChxDmcHiTrNiukDbPomgXu1v+ylx9ItyorvBT/GfKaCkKwoKzykvA4I4jl54SPLmf5FW1n+X9Z/75G/5etmvO2um7xtA3tdcTNfsbdtYt6XO8EyAlgI7TnJIA5pU2hX6eJI80kEigyDoHai6e2St7Nzu9sZl6pu82baohkhL76GUtsuAIVgqUksKUePIBJSSRkgNx+pPWmirtfETNidQKstqnOxk3h2S8zGeQl0todCzGKQlfpI9RHqABNezsV01WbbfUUHUt01Rc9TXi1tPR7WXE+HjQ2XOXIIa5LPLLj5/Vx/bKPDl6q03drQdu3J0VI0jd7nc4FulOtrkmAppLjoQoLSglxteE8wlXpAOUgZwSCEZ9Pm4etNN3bU+4cPYvUGrbjq2c7JVc4DLyIzSC6tS2mCI7iuJdKuX7Qg9tsEZRk1ltluVcb/t1eNZa30Zc9BtWl18vxp6XVueHaZQ6p8AtIUU+axgJPmg4yfIdzYrXAsdjgWS1seHgW+M3Fitc1K7bTaQlCcqJJwkAZJJ/jX49c6eZ1ZpC66Zkz5sCNdIy4sh6H2+6GljC0pLiFpHJJKSeJICiRg4ID+cGl4W5aOn/Xm4Vp1Q8LPdLuxbdRM8gqTLBBUp5x1fr4lcltBCCS53l8/Sk8rf6V/ybbthNFflzwUNu6Rk934trmXENq8V+v1OLCmXfhn0Nen0JGPT09szouybNTNq47Dz9lmtPpkPvoZVJcW4SQ8pQbCS6j0cFlJKe03/AIorP9k+lyzaD1VE1FqPUr2sJFqaCLKzIidli3nmtwrSguLyoLWpSfgEqUpWCopUkKGqOuvXemVCeVtTpa4PRnVNZ1E4hooUUOISpuOlzP6VIUVOYGCFITywXE1YtTbP6Ndtp85+dO1RrmVLkuqeffenx1uOrUcqUpRYypRJJJPmSaDxenzc/pw2o0FFs8PWLJvElpt28zU2uatUmQE+YCjHSe0klQQnAwDkjkpROjfyo9if8+f+Ezfs1xn8iraz/L+s/wDfI3/L0/kVbWf5f1n/AL5G/wCXoM/6YtQwN1OtHU+vJMDhwtsiVa0nk2plKSxFbUtIWQVlhRChkp5KJGMJx+3qRbuuvutHRejNLam9nz7RGYcDr7anGrfKQXJa3EtKHBayylg4HpUQhKlDB47bsp09aL2m1VJ1Hpy56glS5MFcJaJ77K2whS21kgIaQeWW0/vxgnyr2bFs9pq17y3Pdd2bc7nqG4NKaAm9hTMUEIQCyENJUlSW0BsK5ElJUFFRUTQTz0Tf3W373Ambi/z/AHHh/oek/tFscHFsy+Ck5aTxJYbHHGEEpR6OQqxoEuLPgsToMlmVEktJeYfZcC23UKGUqSoeSkkEEEeRBqed0ula1az3LuOq4OsJun4F67Xtm2Q4ScSsLQpzisKSE81NoWeaHP2oKzy8gN50rYLNpbTsLT2nrczbrXBa7UeO0PSgfEkk+alEkkqJJUSSSSSaCQPxK7+2udo3SzFxe7rTUm4S4YKw2QsobYcP+CpXokAfEpBV8Arz1NnpD2abulvmLhXp1mJGDL0NdxV2pqwlQLzpACwskg4bUhGUjCQMg/i3+6Zp+7W4buqpm4ns9lMZqLDhexUu+HaQCSnuB5BXlxTi8kZHPHwArc9E26+2nTES36m1H+Y7s1z8RcvBIid/K1FP7JBKU8UlKfL48c/E0Hw0BovS+gtOo0/pGzs2q3JdU8Wm1KWpa1fFS1rJUtXkBlRJASkDyAAwD8Rq/twdprLp5u4vMS7rdw6qO2VhMiOy2orCyPSUpccjnio+Z4kA8cin6zndPZ7TW5OqtO33U825vNafdDsW2o7BiOkrStYdStpSlpXwQlSeWOKfIAlRISarTl5sXU/trt3vXdWdQ2G3wYsa1Mlr+aKC2ShlsNNjKk+KQloqcSC4lpJcHDyFf7060i6T2m1lqCJeGY060wXGW3W0h5Uaa42nw6VowrCit5g4UMYWkn0nNcz1C7HRd1p1hvUHUT2l9Q2V0li5xooccUjIUlJIUhYUhYCkKC8JKl+RKshpDp50FYdmrjts6y9LavDSPa9zSe1JlPIIUhwEZ4JbWAUN+pIx6gsqWVBxnQO1F09slb2bnd7YzL1Td5s21RDJCX30MpbZcAQrBUpJYUo8eQCSkkjJApKsG2K6arNtvqKDqW6aoueprxa2no9rLifDxobLnLkENclnllx8/q4/tlHhy9VbzQeZqqwWbVOnZuntQ25m42uc12pEd0elY+III80qBAIUCCkgEEEA1gE/ow2nkzn5DN01bDaddUtEdmayW2QTkISVsqUUj4DkpRwPMk+dUlSgyzbrp+2r0FebZftP6feTerc0UNXB6e+txZU2W1rUjn2+SkqVnCAAT5AeWNTpSgyb+T9oH31e9fhN9reJ8X4HDHge/wBvh3e32uXPl+15cs9z1ZzWs0pQKyzVXT3tFqnUU3UOodLPXG6Tne7IkO3ebyWfgAAHsJSAAAkABIAAAAArU6UHP6A0bp3QenUae0tDehWtt1TrcdyY9IS2VeaggurUUpJyeIIGSo4yok8nrbYTafWmp5eptTaU8fdpnDxEj2hKb58EJQn0ocCRhKUjyA+H8a0ylBydxFs2w2muL1mgPO27TVokSY0N2a44ooZbU4Gg64VqCfLiM5CRgAYAFQBsru45tFtNqR3T1ruZ1VqOcmLHuMhpBt0ZlhvJUjPm5ISZByg5SAtpR+BSu3+p+z6s1Fsre9OaKt82beLp2oyBGlNR+DXcSp3mtxxA4KbSpsgEk9wAjiVEYzuZsNfV9G2m9Mx4XjtWaZzcjHajIXIV3luLkRW1BZ/T3c+gq7hjpwnKk4Dv+nDpz03tV4e/3B32zq5UbtuylYMeIpWeYjJKQRlJCCtWVEA4CAtSK3OsA6aL/vjqaZCVrGyflzS9ltrdvcbu0V43K7Sgy0C+VOEKGFJUvnx4nulGHFAuN7/QZzvLstoLddlpep7e83cY7XZj3OE72pLSOYUU5IKVp8iAFpUE81lPEqJrObJ0bbR2+6MzJcnU13Zb5cocyc2lpzKSByLLaF+RIIwoeYGcjINGUoOZ240FpPbuxvWTR1p9mQH5KpTjXiHXuTqkpSVZcUo/pQkYzjy/118d2tv7BuboqRpTUaXkxHnW3kPxwgPsLQoEKbUtKglRHJBOM8VqH766ylBye0u39g2y0VH0ppxLyojLrjy35AQX31rUSVOKQlIUoDigHGeKEj91dZSlBz+v9G6d15p1entUw3ptrcdS65HbmPR0uFPmkLLS0lSQcHiSRkJOMpBHGaV6e9otLaihah09pZ63XSC73Y8hq7zeSD8CCC9hSSCQUkEKBIIIJFanSg8bW2lrFrTTEvTOpoPj7TM4eIj91bfPgtK0+pBChhSUnyI+H8K5LQGyG2OgtRI1BpHTr1quKWlMl1u6S1pWhXxStC3SlafIHCgQClJHmARo1KCQOuL2Vqze/ajbmZ41rvyU+Mea4pwxMktMjtqOfWOw4fNOBlPx8wK/qQN7tO7uab6uYO5OmdKTdWxpEYx7MhtTjkeItUQxyh8/BhAddU8clKFBSjzSeZTSez7Ot2NtrMjcaWzK1UWlruC2g2EgqcUpCD20pRySgoSeIxlJwVfqIdZXxnxIs+C/BnRmZUSS0pl9h5sLbdQoYUlST5KSQSCD5EGvtSgg3rb2h2v21sdiuGkmJtqu1xkllFu8Q49HcYbSpTr2XOSgsKWwnHMAg+Sc8jWs7JdKu3EOx6d1TqW23q43Z+2xZMq13ZwJjx5SktuLBaShCjxUFJ7bhUnBIUCa6bqU2Dn7zXy0y3NdexYFrjLbYheyUyP2q1Zcd7ncQfUlLSeJyB28j9Rrc6D4wIkWBBYgwYzMWJGaSywwy2ENtISMJSlI8kpAAAA8gBXwvtrgXyxz7JdGPEQLhGciymuak9xpxJStOUkEZSSMgg/wr9tKCINtb3f+k7dGXo3Xbb03RN/dDsW6sBZbQU+nxCG8kBWFJS82AVgJbIKwlActKyXa1Xy1s3SyXOFc4D/LtSob6XmnOKik8VpJBwoEHB+IIr46k09YNSwUQdR2O2XmI26HkMT4iJDaVgEBQSsEBWFKGfjgn+NeZtxoLSe3djesmjrT7MgPyVSnGvEOvcnVJSkqy4pR/ShIxnHl/roM53Q6YNrdfaid1BKj3Oy3GS6t6Y7aZCW0ylq4+paHELSFeRJKAkqKlFXInNeZpjpD2atHiPaEK9ag7vHh7RuKkdnGc8fDhrOcjPLl+kYx553+lB+KxWuBY7HAslrY8PAt8ZuLFa5qV22m0hKE5USThIAyST/Gs53x2J0Xu9Otk7Ub1zhS7c04yh+2qZbcdQoghLiltrKkpIUUjyAK1/41anSg+MCJFgQWIMGMzFiRmkssMMthDbSEjCUpSPJKQAAAPIAV9qUoOG3K2k0BuPOiTNaWV66uw2i1GSbjJabaBOVEIbcSkKPllWMkJSCSEjDbXaTQG3E6XM0XZXrU7MaDUlIuMl1t0A5SShxxSSoeeFYyApQBAUc9zSg4zc3a3Qm5Xs/862L2r7O7vhP52+z2+5w5/wBEtOc8E/HOMeX76++2u3Gj9uIMuDo22PWyJMdDzzBnyH2ysDHIJdWoJURgEpwSEpzniMdZXxnvORoL8hmI9MdaaUtEdkoDjxAyEJK1JSFH4DkpIyfMgedBA113JtVi6yddblXTTt6l/l7xUeLGt60qR32kIt6HJC1J/ZsryckAlK3GwOfwVo3T9tFF3kne/rdOSzdZd3nKfh2iO2ERAhgqYSl9JBK0gtpCUZwUtjmpzmpI9Pp02I1ZH203Ktu5g8NdtZ4jkTO1OU2pCHFImKWlxQWvuvlQBKVBTIVnKgRyfTb/ACitOMxtqbbpR6xRI13dlzb5fYjr0aNHStnkzH80trSpSHfJtSu53ypJbwXaC0qjOVpy69RXVUvUzVp8JojR8liBIeudvUgy/DuFxcZTLhypa3FuApUE8GinmkKIQuzKUCuf1/ovS+vdOr0/q6zs3W3KdS8GnFKQpC0/BSFoIUhXmRlJBIUoHyJB6ClBM38iraz/AC/rP/fI3/L1rO3GzO2u3d8evejtN+zJ78ZUVx3x0h7k0pSVFOHHFD9SEnOM+X+utApQKybbrp+0DoTcufr2yImqny/EdqK8GPCwe8vkfDoS0kt4TltOFeSFKT55rWaUClKUGQT+mfZSfOfnTtHvSpcl1Tz7715nLcdWo5UpSi9lSiSSSfMk1pmlbDbNMadhafszTzNugtdmM07JcfU2gfBIW4pSikfAAnAAAGAAB6dKDJr704bMXy+T73dNG+In3CS5KlO+05ae464oqWrCXQBlRJwAB/Cv29RtxgaT6cdXqeTNejJsjltay6p90qfSIzalrcVyXhTiSpSlFRAJ9R+OmVifWppDV2tNkn7do9D0mRFnNTZkJlxQcmR20r5NpSP6RQWW3Ag/Et+nKgkEPxdBlki2rpztk6O48p28zpc2QHCClK0umOAjAGE8GEHzyclXnjAG81gHSs/vLM9n/nCxflnRVq03GtVutslCUy5Epng2ZKwU91GQ256VcE8Vt8Ur811v9B+K93a1WO1vXS93OFbIDHHuypj6WWm+SgkclqIAyogDJ+JAqM98dV3XqX3Dsm3m2iZs3RUKTHeuV2RbFBDL6w4C+tThSQhDXcCUK7ZWsOAc/wBmarnX+i9L6906vT+rrOzdbcp1LwacUpCkLT8FIWghSFeZGUkEhSgfIkH76N0ppvRtjbsmlrLCtEBvB7UZsJ5qCUp5rPxWspSkFaiVHAyTQNDaZtWjdIWrS1ka7UC2RkR2spSFLwPNxfEAFalZUogDKlE/vr2aVNvU91DWyyQZ+3e3rz161tOdVa1+BDmbetYCTwUjBXIyvihLZJSsHlgo4KDH0yffF18RptkuE2TZ7TcmX2pIT4lppiAlKiUFKilLLr6CErBxmQFY5K4m8qwbpB2Nc2o07JvGoSy7qq8NIEhCEoUmAyMkMJcAypRJBcIPElKAM8AtW80ClKUClKUClKUClKUClKUClKUClKUClKUCoa699ufyhq+0bqaVb9louMkImuQ1dlTVxSS63ISQvIW4lKiShIwpkqJKnM1ctczupo6BuBt5etHXFfaZucYtpdwo9l0EKadwlSSrg4lCuOQFccHyJoMG3i3Ai7m9CN31WyplMt5qEzcWGiAGJSJscOp4hSilJPrSFHlwWgn41r/Tha4Fn2E0PEtzHYZcskaUpPNSsuvth51WVEn1OOLVj4DOBgACv5m6zt2pND3S/wC3d3V2fD3JtUxoNEJedYS6ll1BWkL4FD7iknyCkuAkfDH9WdCWL8r6HsOmfFeL9kW2PB8R2+Hd7TSUc+OTxzxzjJxn4mg9mlKUClKUClKUClKUClKUClKUCuZl6A0bK13B107p6EnUsHudq4tJLbqubXaPcKSA7+z9I58uI/TiumpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQKUpQK5nSugNG6Xvl1vti09CiXa7yXpM6dxK5Dq3VBbg7iyVJQVJCu2khAIyADXTUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoFKUoIa/Ej0zarfq/S2qYjXan3iNIjzeKUpS54ctdtw4GSvi8Ukkn0obAxx87lpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSgUpSg//Z" 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" width="440" height="31" alt="image">;</p>
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" width="318" height="42" alt="image">;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<span class="italics">p<span class="subscript">kl</span>
</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the intra-bucket correlations between risk factors k and l as prescribed in Section 6;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<span class="italics">k, l</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the indices that denote all the risk factors of instruments referred to in paragraph 1 that are assigned to bucket b;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">(<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQEBkAGQAAD/2wBDAAUDBAQEAwUEBAQFBQUGBwwIBwcHBw8LCwkMEQ8SEhEPERETFhwXExQaFRERGCEYGh0dHx8fExciJCIeJBweHx7/2wBDAQUFBQcGBw4ICA4eFBEUHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh4eHh7/wAARCABHAJoDASIAAhEBAxEB/8QAGwAAAwEBAQEBAAAAAAAAAAAAAAcICQYFBAP/xAA/EAACAQMEAQMBBAQNAwUAAAABAgMEBREABgcSCBMUISIJFTEyFiNBtBcYJTc4UVVXdpSV0tQzcYQ5R4WzxP/EABQBAQAAAAAAAAAAAAAAAAAAAAD/xAAUEQEAAAAAAAAAAAAAAAAAAAAA/9oADAMBAAIRAxEAPwCy9GjUjeQfl5S2qaq25xWsNdXRSyQVF6njElMo6YDUwDfrGDk/W46fq/hZFcEBXOjUZ7N4s8o+QKyPcW7uT71s6mrMM8K18sdQqeipRlo6cpEmThWVmjcEOWXP5lNyvW+Q3De76Kj3HyBuaRz1qaGsjvFRU0VV1ILACX4fqxAaN1/aMgqylg0l0aTPjReN9758eVv993j61/vfvPY1/wB2QL93dWaCP9WgVJerxmT6gM9+p+BnUp8i86eR+wt63PaO4N7QrcbdKElMNtonjcModHU+j+VkZWGQCAcEA5ADRLRpGeJ8/L24tsUu+eRt5+9oLpTSexszWeGndF7r6dS0qIh+pVfqoBUpIj9vnAc19p6+ssdfSWu4/dlfPTSR0tb6Cze2lZSEl9Nvh+rEN1PwcYOg+3RrPrmDmzyA445JvOy6zkeGvltsqBamKz0arKjxrIjFTD9LdHXK5IByAWAyX/4mVPOO7aGLe3JO7JlsM8RNstZttLDJWhh8TyMsQZIvnKAEFzhvhMeoFDaNGs7fJ2TkniHkWLblDzHvm6UlXQi4QPNdqiOSJHmlRY2IkIdgIxlwFBJ/KNBolo1BvFvG/klyJsS3bxsnMVbT0Fw9X0o6zc1wWVfTleI9gqMPzIcYJ+Mf9tfFyPZvKPhb0d1XDfV6uttg6q9dBdpa+kheTsgWWGoH/bDNGUDOmG74AC/9GkN4g85Scr7dqbPuEQxbqs8SGodGRVr4TkCdYwcqwIAkAHUFkIx3CK5t2Xul21tW7bjro5pKS1UM1bOkIBkZIkLsFBIBbCnGSBn9o0Hp6gDmT/1DKH/Eli/+uk05v46vFn9gbz/ydN/yNTBv7lCwX/yopuVKOjucdliu9trWgljQVPSmWAOAocr2PpNj6sfIyR+wNONGpm/jq8Wf2BvP/J03/I0fx1eLP7A3n/k6b/kaD7fOLmCv4+2hR7Z2vcvZ7jvnYyTRFTLSUYBDOp7do3diFR+p+FlIKsoITPgFxRDuTc8/JN4TvQWCpENuhZI3Ses6ZLMDkr6SvG6/SMu6EN9BBXPmLu+Td/kBuFw8xpLPL9z0qSxorRiAlZAOv5lMxmYEknDD8MBRf/AO0JNh8NbX2tUJNHV0lCHrI5ZEkaOolJlmQMn0lVkkcDGfgD5P4kO50rPJHh2l5k2rbrQ91hs1XQV3uYq80AqZAhRleIfWhVWJRjg4JjXIOAQ09Gg5/jja9LsrYVj2nRmForVQxUzSxQCFZnVR3lKAnDO/Zz8k5Ykkn51Bv2glkpbV5ANXU8kzS3m0U1bUCQgqrqXpwEwBhekCH5yclvnGANEtQB9o7/PfZv8ADcH7zU6CzOCf5kNh/wCG7d+7R66a+3Sgsdjr73dJ/b0FvppKqql6M3pxRqWdsKCThQTgAn+rSm8Jf6MW0f8Azf32fSg+0J5Vkghp+KLNUwlamJKu+kKjsAHV4Ic9iUbKeowKg4MRB6swILLiDbdV5KeSl23LuejmFi9Vq+5xo5UJCAI6akEqIAWwqLn6GZI5WBDDOtEtKzxh4upeLuLqC3TUMMW4a6Jam9ThR6jzHJERYMwKxBvTHU9SQzAAu2WnoDWY/mTf49w+Rm6Zaa4zVtJQyxW+ESF+sBhiVJY0DflUTCb8Pgkswz2ydMq+rpaChnrq6phpaSmiaaeeaQJHEijLMzH4VQASSfgAayt2NcYd4eQdqv25lssNNc9yJcrstZLHDRLE1R606sZm69OvcBWJLfC/USAQ0441slVtrjrbW3K6SGSrtVopaKd4STGzxQqjFSQCVypxkA4/YNLnza/oxbu/8L99g10175r4js9rmuNXyPtmWGHr2WjuEdVKcsFHWKEs7fJGcKcDJOACdRn5Qcy3XnDc9LsfYVpra+wUdS01HFT0bSVdynRHBnCAF1RUMnVAAepZn+cKgfb9nF/Pfef8Nz/vNNq+a+kpa+hnoa6mhqqSpiaGeCaMPHKjDDKyn4ZSCQQfgg6RniDwbJxRt2pvG4TDLuq8RIKhEVGWghGSIFkAyzEkGQg9SVQDPQOz50HGfwT8Wf3abM/0Km/2aiDlfb1govOuj25R2O2U1lbcFlha3RUiJTFJEpS6mIDr1bs2RjB7HP460S1MG/vHrel/8qKblSjue347LFd7bWtBLPMKnpTLAHAURFex9JsfVj5GSP2A7P4J+LP7tNmf6FTf7NH8E/Fn92mzP9Cpv9muz0aDJrif+X+b9pffv8q/eO5KL33vf13uvUqU9T1O+e/bJ7ds5yc61l1lD4+zRwc67FeWkhqlO4KJAkpcKC0yKHHRlPZSQw+cZUdgy5U6vaA0a5Plzflm422Fct13maELTRMKSnkl6NWVBUmOBCAx7MR+IU9QGY/SpIX/AIj8ob05Z2retx7po9v0tJTVy0VGltjmSQuqB5TIJHcdcSRdcHOQ+R+Ggdmom+0utdBDfNkXuODrX1dNWUs8vdvrihaJo1xnAw08pyBk9vnOBi2dRn9pp/7ff/Jf/l0DA8ed40HH/g/bN43FPVhtlNXSLFlh60prpliiyqsV7yMi9sEL2yfgHSm8O9s3XljnK98x7vi9xDb6lqiLurNE9dJ/044/UDgpBH8gBw0Z9vj40rKbc155J4+404H2xRzLLS1071Tyr2jlqJaiVkk+hWdYoYZHZm/qZyVxGrHRLivZ1Bx/x5ZdnW5/VhtlMI2lww9aUktLLhmYr3kZ265IXtgfAGg6bRo0aBZ+VF9/R3x53rcPa+69W2tQ9PU6Y9yy0/fOD+X1e2P29cZGciLPCfjfbvI/It4o93WCa62WjtDSlhLNFHFUGaIRgvEy4Yp62FJ+QrHB6/Dz+0lvdLBx1tfbjxzGrrru1bE4A9MJBCyOCc57E1KYwCMBskYGfx+zXsXt9j7t3N7rt7+5Q0Pt/Tx6ft4u/ftn57e5xjAx0/E5+A5Ly38adr7L2VWcgbGnmt9JRSxCutdRM0sYR2jiVoHbLhu7AsrswIckFeoVug+zi3hap7Xf9kS0FFBeIOtdFVRUypLV0vbqUkdUBb0pHyC7s2J8KAqapnlbbP6Zcabk2ssVFLNc7bPT03vFzEk5Q+lI3wSOsnRgQCQVBHyBrO3w2v8AHt7yM2tLU3GaipK6WW3zCMv1nM0TJFG4X8ymYw/j8AhWOOuQGnGuf3/vTa+wtuvuDd14htVuWVYRLIrOzu34KiICzt8E4UEgKxPwCR0GvG3ladq3axyfpjbLLX2mjzVyfe0EUlPB0Vsyn1AVXqpb6vjAJ+cZ0HGbJ574n3puek2ztndfv7tWd/b0/wB31UffojO31PGFGFVj8kfh/Xpmazt+z7slLdfIBa6okmWWzWipracRkBWdilOQ+Qcr0nc/GDkL84yDdl75C2DY7pNa73vjbNsr4Ovq0tZdYIZY+yhh2RmBGVIIyPwIOg6bRrzNt7hsG5aF67bl8tl5pI5TC89BVpURq4AJUshIDYZTj8cEf169PQRb5a+Ml5qtxV2/uN6Ka5rcJZau7WoSdpo5j2keaHscyK5zmIZYMR0DK3VPT2xz75GUNjqKS+8G3q714pljo62Oy1lNiUKQZZ4wjCTLdWKx+kPhgMZHWv8ARoM4OSrT5Fc4b1pJr9sHcEMqRGKipDbZaKhpQF7OQ05Cqz9clnfLHqoOAiizPFPZdz2FwfZdv36zw2q9LLUzXCKNo3Z3ad+jO8ZKu3pCIZySAqj9mA09GgNTN9oFsO67s2Ptq6bfs96vF2ttyenWlt1M0+IJ4i0kjIilvhoIgDkAdiDkkYpnRoJN8FOEq/bfueRd42qtt94f1KO2UFdSrG8EX0h6ghvrR2IaMfCEJ3P1LICKy0aNAaNGjQQbzzxd5F8ub4Xc1040ord6FMKOlp6a70jdYFlkdA7NP9bj1CCwCg4GFGmn4b7Z5j4zWbZu6ePIYNvXCukrXuou9M0lI/odSDGjuZFYxRKMBSpLElh8Cn9GgNZ27s8Z+Y6DkW7V2yNnzUtrprvNNZJ4bzTJJFCsxMDKzTeorBQhBP1Aj5+daJaNAv8Ahe+8oXm11UfKGxqLbVfT9PSno7hHPFWdmfPWNXcxdFEYPZ27FiRjGB43l7ub9F/HndVRHLRLU19MLZBHUtj1fcMIpAgyCziJpXAGcdCSCARps6k37Si++32PtLbPte3v7lNXe49THp+3i6dOuPnt7nOcjHT8Dn4DxfAmu23sXizePIG6dyUVroKu5R0HWpIT6qaBpvoOcyO6ztiNVLfqzjtnA4a8bb3R5W8y1e6tsbah29tiKWK31F1mRQwRAxEkoDD16gpgdEyFBhRmC4kPP8lcD/op447R5PgrK2rr7l6Ul0p409WnhgqFZ6eQMFUx4X00YN2BeQAMMDtWXgzuSHcHjzaqZIfSmstTPbagrTxxI7BvVVlCfB/VzR9mIDM4cnJPYh3XDXFW0eKNuy2fa1NMWqZfVq62qZXqakjPUOyqo6qCQqgADJOOzMT3OjRoDRo0aA0aNGgNGjRoDRo0aA0aNGgNGjRoDRo0aA1HXmbw/wAnck8s0t32jtCast1HaIaI1MlfSRLK4klkJRXlDdR6oX6gpyrYBGCTRoKM5F47tm4eErnxtbaWGGkNoFFbIpp5BHA8Kj2xZwS5VHSMnPYkL8hskGAOHLxy1tPcW6eJ9h0UMG579KaCrxMi1NM9J6xkEMxkEaN1MoL5J+AUIbB0aNBeXjnxxVcWcXUW1a69zXarEr1M7FyYIHfBaKAH5WIEE/PyzM74Xt1DG0aNB//Z" width="47" height="22" alt="image">)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the upward net curvature risk position;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">(<img src="data:image/jpg;base64,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" width="47" height="19" alt="image">)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the downward net curvature risk position.</p>
</td>
</tr></table><div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">By way of derogation from paragraph 4, for the bucket-level own funds requirements for curvature risk of bucket 18 of Article 325ah, of bucket 18 of Article 325ak, of bucket 25 of Article 325am and of bucket 11 of Article 325ap the following formula shall be used:</div>
</div>
<p class="norm">
<img 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" width="430" height="62" alt="image"></p>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Institutions shall calculate the risk-class own funds requirements for curvature risk (<span class="italics">RCCR)</span> by aggregating all the bucket-level own funds requirements for curvature risk within a given risk class as follows:</div>
</div>
<p class="norm">
<img 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" width="479" height="90" alt="image"></p>
<p class="norm">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<span class="italics">b, c</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the indices that denote all the buckets of a given risk class that corresponds to instruments referred to in paragraph 1;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<span class="italics">K<span class="subscript">b</span>
</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">own funds requirements for curvature risk for bucket b;</p>
</td>
</tr></table><p class="norm">
<img 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" 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" width="318" height="42" alt="image">;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">
<span class="italics">γ<span class="subscript">bc</span>
</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the inter-bucket correlations between buckets b and c as set out in Section 6.</p>
</td>
</tr></table><div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">The own funds requirement for curvature risk shall be the sum of the risk class own funds requirements for curvature risk calculated in accordance with paragraph 6 across all risk classes to which at least one risk factor of the instruments referred to in paragraph 1 belongs.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325h -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall aggregate risk-class specific own funds requirements for delta, vega and curvature risks in accordance with the process set out in paragraphs 2, 3 and 4.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The process to calculate the risk-class specific own funds requirements for delta, vega and curvature risks described in Articles 325f and 325g shall be performed three times per risk class, each time using a different set of correlation parameters ρ<span class="subscript">kl</span> (correlation between risk factors within a bucket) and γ<span class="subscript">bc</span> (correlation between buckets within a risk class). Each of those three sets shall correspond to a different scenario, as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the medium correlations scenario, whereby the correlation parameters ρ<span class="subscript">kl</span> and γ<span class="subscript">bc</span> remain unchanged from those specified in Section 6;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the high correlations scenario, whereby the correlation parameters ρ<span class="subscript">kl</span> and γ<span class="subscript">bc</span> that are specified in Section 6 shall be uniformly multiplied by 1,25, with ρ<span class="subscript">kl</span> and γ<span class="subscript">bc</span> subject to a cap at 100 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the “low correlations” scenario, whereby the correlation parameters ρ<span class="subscript">kl</span> and γ<span class="subscript">bc</span> that are specified in Section 6 shall be replaced by<img src="data:image/jpg;base64,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" 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" width="334" height="23" alt="image">, respectively.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall calculate the sum of the delta, vega and curvature risk-class specific own funds requirements for each scenario to determine three scenario-specific, own funds requirements.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The own funds requirement under the sensitivities-based method shall be the highest of the three scenario-specific own funds requirements referred to in paragraph 3.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325i -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall use a look-through approach for index and other multi-underlying instruments in accordance with the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purposes of calculating the own funds requirements for delta and curvature risk, institutions shall consider that they hold individual positions directly in the underlying constituents of the index or other multi-underlying instruments, except for a position in an index included in the ACTP for which they shall calculate a single sensitivity to the index;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">institutions are allowed to net the sensitivities to a risk factor of a given constituent of an index instrument or other multi-underlying instrument with the sensitivities to the same risk factor of the same constituent of single name instruments, except for positions included in the ACTP;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purposes of calculating the own funds requirements for vega risk, institutions may either consider that they directly hold individual positions in the underlying constituents of the index or other multi-underlying instrument, or calculate a single sensitivity to the underlying of that instrument. In the latter case, institutions shall assign the single sensitivity to the relevant bucket as set out in Subsection 1 of Section 6 as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where, taking into account the weightings of that index, more than 75 % of constituents in that index would be mapped to the same bucket, institutions shall assign the sensitivity to that bucket and treat it as a single-name sensitivity in that bucket;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in all other cases, institutions shall assign the sensitivity to the relevant index bucket.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">By way of derogation from point (a) of paragraph 1, institutions may calculate a single sensitivity to a position in a listed equity or credit index for the purposes of calculating the own funds requirements for delta and curvature risks provided the listed equity or credit index meets the conditions set out in paragraph 3. In that case, institutions shall assign the single sensitivity to the relevant bucket as set out in Subsection 1 of Section 6 as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where, taking into account the weightings of that listed index, more than 75 % of constituents in that listed index would be mapped to the same bucket, that sensitivity shall be assigned to that bucket and treated as a single-name sensitivity in that bucket;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in all other cases, institutions shall assign the sensitivity to the relevant listed index bucket.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions may use the approach set out in paragraph 2 for instruments referencing a listed equity or credit index where all of the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the constituents of the listed index and their respective weightings in that index are known;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the listed index contains at least 20 constituents;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">no single constituent contained within the listed index represents more than 25 % of the total market capitalisation of that index;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">no set comprising one tenth of the total number of constituents of the listed index, rounded up to the next integer, represents more than 60 % of the total market capitalisation of that index;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the total market capitalisation of all the constituents of the listed index is no less than EUR 40 billion.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">An institution shall use, consistently over time, only the approach set out in paragraph 1 or the approach set out in paragraph 2 for all the instruments that reference a listed equity or credit index that meets the conditions set out in paragraph 3. An institution shall require prior permission from the competent authority before switching from one approach to another.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">For an index or other multi-underlying instrument, the sensitivity inputs for the calculation of delta and curvature risks shall be consistent, irrespective of the approaches used for that instrument.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Index or multi-underlying instruments which bear other residual risks as referred to in Article 325u(5) shall be subject to the residual risk add-on referred to in Section 4.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325j -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution shall calculate the own funds requirements for market risk of a position in a CIU using one of the following approaches:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where an institution is able to obtain sufficient information about the individual underlying exposures of the CIU, the institution shall calculate the own funds requirements for market risk of that CIU position by looking through to the underlying positions of the CIU as if those positions were directly held by the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the institution is not able to obtain sufficient information about the individual underlying exposures of the CIU, but the institution has knowledge of the content the mandate of the CIU and daily price quotes for the CIU can be obtained, the institution shall calculate the own funds requirements for market risk of that CIU position by using one of the following approaches:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution may consider the position in the CIU as a single equity position allocated to the bucket “other sector” in Table 8 of Article 325ap(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">upon permission from its competent authority, an institution may calculate the own funds requirements for market risk of the CIU in accordance with the limits set in the CIU’s mandate and relevant law;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the institution meets neither the conditions in point (a) nor (b), the institution shall allocate the CIU to the non-trading book.</p>
</div>
</div>
</div>
</div>
<p class="norm">An institution that uses one of the approaches set out in point (b) shall apply the own funds requirement for the default risk set out in Section 5 of this Chapter and the residual risk add-on set out in Section 4 of this Chapter where the mandate of the CIU implies that some exposures in the CIU shall be subject to those own funds requirements.</p>
<p class="norm">An institution that uses the approach set out in point (ii) of point (b) may calculate the own funds requirements for counterparty credit risk and own funds requirements for credit valuation adjustment risk of derivative positions of the CIU, using the simplified approach set out in paragraph 3 of Article 132a.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">By way of derogation from paragraph 1, where an institution has a position in a CIU that tracks an index benchmark so that the annualised return difference between the CIU and the tracked index benchmark over the last 12 months is below 1 % in absolute terms, ignoring fees and commissions, the institution may treat that position as a position in the tracked index benchmark. An institution shall verify compliance with that condition when the institution enters into the position and, after that, at least annually.</div>
</div>
<p class="norm">However, where data for the last 12 months are not fully available, an institution may, subject to permission from the institution’s competent authority, use an annualised return difference from a period shorter than 12 months.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">An institution may use a combination of the approaches referred to in points (a), (b) and (c) of paragraph 1 for its positions in CIUs. However, an institution shall use only one of those approaches for all the positions in the same CIU.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of point (b) of paragraph 1, an institution shall carry out the calculations under the following provisions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purposes of calculating the own funds requirement under the sensitivities-based method set out in Section 2 of this Chapter, the CIU shall first take position to the maximum extent allowed under its mandate or relevant law in the exposures attracting the highest own funds requirements set out under that Section and shall then continue taking positions in descending order until the maximum total loss limit is reached;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for the purposes of the own fund requirements for the default risk set out in Section 5 of this Chapter, the CIU shall first take position to the maximum extent allowed under its mandate or relevant law in the exposures attracting the highest own funds requirements set out under that Section and shall then continue taking positions in descending order until the maximum total loss limit is reached;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the CIU shall apply leverage to the maximum extent allowed under its mandate or relevant law, where applicable.</p>
</div>
</div>
</div>
</div>
<p class="norm">The own funds requirements for all positions in the same CIU for which the calculations referred to in the first subparagraph are used shall be calculated on a stand-alone basis as a separate portfolio using the approach set out in this Chapter.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">An institution may use the approaches referred to in point (a) or (b) of paragraph 1 only where the CIU meets all the conditions set out in Article 132(3) and point (a) of Article 132(4).</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325k -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions may use the process set out in this Article for calculating the own funds requirements for market risk of underwriting positions of debt or equity instruments.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall apply one of the appropriate multiplying factors listed in Table 1 to the net sensitivities of all the underwriting positions in each individual issuer, excluding the underwriting positions which are subscribed or sub-underwritten by third parties on the basis of formal agreements, and calculate the own funds requirements for market risk in accordance with the approach set out in this Chapter on the basis of the adjusted net sensitivities.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-2cac0b63-76d3-40f8-8f3b-d798674626c1">
<span class="italics">Table 1</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="78%"><col width="22%"><tbody><tr><td valign="top">
<p class="tbl-norm">Business day 0</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Business day 1</p>
</td>
<td valign="top">
<p class="tbl-norm">10 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Business days 2 and 3</p>
</td>
<td valign="top">
<p class="tbl-norm">25 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Business day 4</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Business day 5</p>
</td>
<td valign="top">
<p class="tbl-norm">75 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">After business day 5</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<p class="norm">For the purposes of this Article, ‘business day 0’ means the business day on which the institution becomes unconditionally committed to accepting a known quantity of securities at an agreed price.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall notify the competent authorities of the application of the process set out in this Article.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 3 -
Risk factor and sensitivity definitionsSub-Section 1 -
Risk factor definitionsArticle 325l -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For all general interest rate risk factors, including inflation risk and cross-currency basis risk, there shall be one bucket per currency, each containing different types of risk factor.</div>
</div>
<p class="norm">The delta general interest rate risk factors applicable to interest rate-sensitive instruments shall be the relevant risk-free rates per currency and per each of the following maturities: 0,25 years, 0,5 years, 1 year, 2 years, 3 years, 5 years, 10 years, 15 years, 20 years, 30 years. Institutions shall assign risk factors to the specified vertices by linear interpolation or by using a method that is most consistent with the pricing functions used by the independent risk control function of the institution to report market risk or profits and losses to senior management.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall obtain the risk-free rates per currency from money market instruments held in the trading book of the institution that have the lowest credit risk, such as overnight index swaps.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where institutions cannot apply the approach referred to in paragraph 2, the risk-free rates shall be based on one or more market-implied swap curves used by the institution to mark positions to market, such as the interbank offered rate swap curves.</div>
</div>
<p class="norm">Where the data on market-implied swap curves described in paragraph 2 and the first subparagraph of this paragraph are insufficient, the risk-free rates may be derived from the most appropriate sovereign bond curve for a given currency.</p>
<p class="norm">Where institutions use the general interest rate risk factors derived in accordance with the procedure set out in the second subparagraph of this paragraph for sovereign debt instruments, the sovereign debt instrument shall not be exempted from the own funds requirements for credit spread risk. In those cases, where it is not possible to disentangle the risk-free rate from the credit spread component, the sensitivity to the risk factor shall be allocated both to the general interest rate risk and to credit spread risk classes.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">In the case of general interest rate risk factors, each currency shall constitute a separate bucket. Institutions shall assign risk factors within the same bucket, but with different maturities, a different risk weight, in accordance with Section 6.</div>
</div>
<p class="norm">Institutions shall apply additional risk factors for inflation risk to debt instruments whose cash flows are functionally dependent on inflation rates. Those additional risk factors shall consist of one vector of market-implied inflation rates of different maturities per currency. For each instrument, the vector shall contain as many components as there are inflation rates used as variables by the institution's pricing model for that instrument.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Institutions shall calculate the sensitivity of the instrument to the additional risk factor for inflation risk referred to in paragraph 4 as the change in the value of the instrument, according to its pricing model, as a result of a 1 basis point shift in each of the components of the vector. Each currency shall constitute a separate bucket. Within each bucket, institutions shall treat inflation as a single risk factor, regardless of the number of components of each vector. Institutions shall offset all sensitivities to inflation within a bucket, calculated as described in this paragraph, in order to give rise to a single net sensitivity per bucket.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Debt instruments that involve payments in different currencies shall also be subject to cross-currency basis risk between those currencies. For the purposes of the sensitivities-based method, the risk factors to be applied by institutions shall be the cross-currency basis risk of each currency over either US dollar or euro. Institutions shall compute cross currency bases that do not relate to either basis over US dollar or basis over euro either on ‘basis over US dollar’ or ‘basis over euro’.</div>
</div>
<p class="norm">Each cross-currency basis risk factor shall consist of one vector of cross-currency basis of different maturities per currency. For each debt instrument, the vector shall contain as many components as there are cross-currency bases used as variables by the institution's pricing model for that instrument. Each currency shall constitute a different bucket.</p>
<p class="norm">Institutions shall calculate the sensitivity of the instrument to the cross-currency basis risk factor as the change in the value of the instrument, according to its pricing model, as a result of a 1 basis point shift in each of the components of the vector. Each currency shall constitute a separate bucket. Within each bucket there shall be two possible distinct risk factors: basis over euro and basis over US dollar, regardless of the number of components there are in each cross-currency basis vector. The maximum number of net sensitivities per bucket shall be two.</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">The vega general interest rate risk factors applicable to options with underlyings that are sensitive to general interest rate shall be the implied volatilities of the relevant risk-free rates as described in paragraphs 2 and 3, which shall be assigned to buckets depending on the currency and mapped to the following maturities within each bucket: 0,5 years, 1 year, 3 years, 5 years, 10 years. There shall be one bucket per currency.</div>
</div>
<p class="norm">For netting purposes, institutions shall consider implied volatilities linked to the same risk-free rates and mapped to the same maturities to constitute the same risk factor.</p>
<p class="norm inline-element">Where institutions map implied volatilities to the maturities as referred to in this paragraph, the following requirements shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the maturity of the option is aligned with the maturity of the underlying, a single risk factor shall be considered, which shall be mapped to that maturity;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the maturity of the option is shorter than the maturity of the underlying, the following risk factors shall be considered as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the first risk factor shall be mapped to the maturity of the option;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the second risk factor shall be mapped to the residual maturity of the underlying of the option at the expiry date of the option.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">The curvature general interest rate risk factors to be applied by institutions shall consist of one vector of risk-free rates, representing a specific risk-free yield curve, per currency. Each currency shall constitute a different bucket. For each instrument, the vector shall contain as many components as there are different maturities of risk-free rates used as variables by the institution's pricing model for that instrument.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">Institutions shall calculate the sensitivity of the instrument to each risk factor used in the curvature risk formula in accordance with Article 325g. For the purposes of the curvature risk, institutions shall consider vectors corresponding to different yield curves and with a different number of components as the same risk factor, provided that those vectors correspond to the same currency. Institutions shall offset sensitivities to the same risk factor. There shall be only one net sensitivity per bucket.</div>
</div>
<p class="norm">There shall be no curvature risk own funds requirements for inflation and cross currency basis risks.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325m -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The delta credit spread risk factors to be applied by institutions to non-securitisation instruments that are sensitive to credit spread shall be the issuer credit spread rates of those instruments, inferred from the relevant debt instruments and credit default swaps, and mapped to each of the following maturities: 0,5 years, 1 year, 3 years, 5 years, 10 years. Institutions shall apply one risk factor per issuer and maturity, regardless of whether those issuer credit spread rates are inferred from debt instruments or credit default swaps. The buckets shall be sector buckets, as referred to in Section 6, and each bucket shall include all the risk factors allocated to the relevant sector.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The vega credit spread risk factors to be applied by institutions to options with non-securitisation underlyings that are sensitive to credit spread shall be the implied volatilities of the underlying's issuer credit spread rates inferred as laid down in paragraph 1, which shall be mapped to the following maturities in accordance with the maturity of the option subject to own funds requirements: 0,5 years, 1 year, 3 years, 5 years, 10 years. The same buckets shall be used as the buckets that were used for the delta credit spread risk for non-securitisation.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The curvature credit spread risk factors to be applied by institutions to non-securitisation instruments shall consist of one vector of credit spread rates, representing a credit spread curve specific to the issuer. For each instrument, the vector shall contain as many components as there are different maturities of credit spread rates used as variables in the institution's pricing model for that instrument. The same buckets shall be used as the buckets that were used for the delta credit spread risk for non-securitisation.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall calculate the sensitivity of the instrument to each risk factor used in the curvature risk formula in accordance with Article 325g. For the purposes of the curvature risk, institutions shall consider vectors inferred from either relevant debt instruments or credit default swaps and with a different number of components as the same risk factor, provided that those vectors correspond to the same issuer.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325n -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall apply the credit spread risk factors referred to in paragraph 3 to securitisation positions that are included in the ACTP, as referred to in Article 325(6), (7) and (8),</div>
</div>
<p class="norm">Institutions shall apply the credit spread risk factors referred to in paragraph 5 to securitisation positions that are not included in the ACTP, as referred to in Article 325(6), (7) and (8).</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The buckets applicable to the credit spread risk for securitisations that are included in the ACTP shall be the same as the buckets applicable to the credit spread risk for non-securitisations, as referred to in Section 6.</div>
</div>
<p class="norm">The buckets applicable to the credit spread risk for securitisations that are not included in the ACTP shall be specific to that risk-class category, as referred to in Section 6.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The credit spread risk factors to be applied by institutions to securitisation positions that are included in the ACTP are the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the delta risk factors shall be all the relevant credit spread rates of the issuers of the underlying exposures of the securitisation position, inferred from the relevant debt instruments and credit default swaps, and for each of the following maturities: 0,5 years, 1 year, 3 years, 5 years, 10 years.</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the vega risk factors applicable to options with securitisation positions that are included in the ACTP as underlyings shall be the implied volatilities of the credit spreads of the issuers of the underlying exposures of the securitisation position, inferred as described in point (a) of this paragraph, which shall be mapped to the following maturities in accordance with the maturity of the corresponding option subject to own funds requirements: 0,5 years, 1 year, 3 years, 5 years, 10 years.</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the curvature risk factors shall be the relevant credit spread yield curves of the issuers of the underlying exposures of the securitisation position expressed as a vector of credit spread rates for different maturities, inferred as indicated in point (a) of this paragraph; for each instrument, the vector shall contain as many components as there are different maturities of credit spread rates that are used as variables by the institution's pricing model for that instrument.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall calculate the sensitivity of the securitisation position to each risk factor used in the curvature risk formula as specified in Article 325g. For the purposes of the curvature risk, institutions shall consider vectors inferred either from relevant debt instruments or credit default swaps and with a different number of components as the same risk factor, provided that those vectors correspond to the same issuer.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">The credit spread risk factors to be applied by institutions to securitisation positions that are not included in the ACTP shall refer to the spread of the tranche rather than the spread of the underlying instruments and shall be the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the delta risk factors shall be the relevant tranche credit spread rates, mapped to the following maturities, in accordance with the maturity of the tranche: 0,5 years, 1 year, 3 years, 5 years, 10 years;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the vega risk factors applicable to options with securitisation positions that are not included in the ACTP as underlyings shall be the implied volatilities of the credit spreads of the tranches, each of them mapped to the following maturities in accordance with the maturity of the option subject to own funds requirements: 0,5 years, 1 year, 3 years, 5 years, 10 years;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the curvature risk factors shall be the same as those described in point (a) of this paragraph; to all those risk factors, a common risk weight shall be applied, as referred to in Section 6.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325o -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The buckets for all equity risk factors shall be the sector buckets referred to in Section 6.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The equity delta risk factors to be applied by institutions shall be all the equity spot prices and all equity repo rates.</div>
</div>
<p class="norm">For the purposes of equity risk, a specific equity repo curve shall constitute a single risk factor, which is expressed as a vector of repo rates for different maturities. For each instrument, the vector shall contain as many components as there are different maturities of repo rates that are used as variables by the institution's pricing model for that instrument.</p>
<p class="norm">Institutions shall calculate the sensitivity of an instrument to an equity risk factor as the change in the value of the instrument, according to its pricing model, as a result of a 1 basis point shift in each of the components of the vector. Institutions shall offset sensitivities to the repo rate risk factor of the same equity security, regardless of the number of components of each vector.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The equity vega risk factors to be applied by institutions to options with underlyings that are sensitive to equity shall be the implied volatilities of equity spot prices which shall be mapped to the following maturities in accordance with the maturities of the corresponding options subject to own funds requirements: 0,5 years, 1 year, 3 years, 5 years, 10 years. There shall be no own funds requirements for vega risk for equity repo rates.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The equity curvature risk factors to be applied by institutions to options with underlyings that are sensitive to equity are all the equity spot prices, regardless of the maturity of the corresponding options. There shall be no curvature risk own funds requirements for equity repo rates.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325p -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The buckets for all commodity risk factors shall be the sector buckets referred to in Section 6.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The commodity delta risk factors to be applied by institutions to commodity sensitive instruments shall be all the commodity spot prices per commodity type and per each of the following maturities: 0,25 years, 0,5 years, 1 year, 2 years, 3 years, 5 years, 10 years, 15 years, 20 years, 30 years. Institutions shall only consider two commodity prices of the same type of commodity, and with the same maturity to constitute the same risk factor where the set of legal terms regarding the delivery location are identical.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The commodity vega risk factors to be applied by institutions to options with underlyings that are sensitive to commodity shall be the implied volatilities of commodity prices per commodity type, which shall be mapped to the following maturities in accordance with the maturities of the corresponding options subject to own funds requirements: 0,5 years, 1 year, 3 years, 5 years, 10 years. Institutions shall consider sensitivities to the same commodity type and allocated to the same maturity to be a single risk factor which institutions shall then offset.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The commodity curvature risk factors to be applied by institutions to options with underlyings that are sensitive to commodity shall be one set of commodity prices with different maturities per commodity type, expressed as a vector. For each instrument, the vector shall contain as many components as there are prices of that commodity that are used as variables by the institution's pricing model for that instrument. Institutions shall not differentiate between commodity prices by delivery location.</div>
</div>
<p class="norm">The sensitivity of the instrument to each risk factor used in the curvature risk formula shall be calculated as specified in Article 325g. For the purposes of curvature risk, institutions shall consider vectors having a different number of components to constitute the same risk factor, provided that those vectors correspond to the same commodity type.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325q -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The foreign exchange delta risk factors to be applied by institutions to foreign exchange sensitive instruments shall be all the spot exchange rates between the currency in which an instrument is denominated and the institution’s reporting currency or the institution’s base currency where the institution is using a base currency in accordance with paragraph 7. There shall be one bucket per currency pair, containing a single risk factor and a single net sensitivity.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The foreign exchange vega risk factors to be applied by institutions to options with underlyings that are sensitive to foreign exchange shall be the implied volatilities of exchange rates between the currency pairs referred to in paragraph 1. Those implied volatilities of exchange rates shall be mapped to the following maturities in accordance with the maturities of the corresponding options subject to own funds requirements: 0,5 years, 1 year, 3 years, 5 years, 10 years.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The foreign exchange curvature risk factors to be applied by institutions to instruments with underlyings that are sensitive to foreign exchange shall be the foreign exchange delta risk factors referred to in paragraph 1.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall not be required to distinguish between onshore and offshore variants of a currency for all foreign exchange delta, vega and curvature risk factors.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Where a foreign exchange rate that is the underlying of an instrument i that is subject to own funds requirements for curvature risks neither refers to the institution’s reporting currency nor the institution’s base currency, the institution may divide by 1,5 the corresponding components <img src="data:image/jpg;base64,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" width="50" height="19" alt="image">and <img src="data:image/jpg;base64,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" width="50" height="22" alt="image"> set out in paragraph 2 of Article 325g for which <span class="italics">x<span class="subscript">k</span>
</span> is the foreign exchange risk factor between one of the two currencies of the underlying and the institution’s reporting currency or the institution’s base currency, as applicable.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Subject to permission from its competent authority, an institution may divide by 1,5 the components <img src="data:image/jpg;base64,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" width="47" height="19" alt="image"> and <img src="data:image/jpg;base64,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" width="47" height="22" alt="image"> set out in Article 325g(2) consistently for all the foreign exchange risk factors of instruments concerning foreign exchange and subject to own funds requirement for curvature risk, provided that any foreign exchange risk factors based on the institution’s reporting currency or the institution’s base currency, as applicable, that are included in the calculation of those components are shifted simultaneously.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">By way of derogation from paragraphs 1 and 3, an institution may replace, subject to permission from its competent authority, its reporting currency by another currency (“the base currency”) in all the spot exchange rates to express the delta and curvature foreign exchange risk factors where all of the following conditions are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution uses only one base currency;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution applies the base currency consistently to all its trading book and non-trading book positions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has demonstrated to the satisfaction of its competent authority that:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">using the chosen base currency provides an appropriate risk representation for the institution’s positions subject to foreign exchange risks;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the choice of base currency is compatible with the manner in which the institution manages those foreign exchange risks internally;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the choice of base currency is not driven primarily by the desire to reduce the institution’s own funds requirements;</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution takes into account the translation risk between the reporting currency and the base currency.</p>
</div>
</div>
<p class="norm inline-element">An institution that has been permitted to use a base currency as set out in the first subparagraph shall convert the resulting own funds requirements for foreign exchange risk into the reporting currency using the prevailing spot exchange rate between the base currency and the reporting currency.</p>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 2 -
Sensitivity definitionsArticle 325r -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate delta general interest rate risk (GIRR) sensitivities as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sensitivities to risk factors consisting of risk-free rates shall be calculated as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="513" height="65" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="44" height="35" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sensitivities to risk factors consisting of risk-free rates;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">r<span class="subscript">kt</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the rate of a risk-free curve k with maturity t;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">V<span class="subscript">i</span> (.)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the pricing function of instrument i; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">x,y</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">risk factors other than r<span class="subscript">kt</span> in the pricing function V<span class="subscript">i</span>;</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sensitivities to risk factors consisting of inflation risk and cross-currency basis shall be calculated as follows:</p>
<p class="container-center">
<img 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" width="528" height="69" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="36" height="37" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sensitivities to risk factors consisting of inflation risk and cross-currency basis;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="34" height="32" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">a vector of m components representing the implied inflation curve or the cross-currency basis curve for a given currency j with m being equal to the number of inflation or cross-currency related variables used in the pricing model of instrument i;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="37" height="35" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the unity matrix of dimension (1 × m);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">V<span class="subscript">i</span> (.)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the pricing function of the instrument i; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">y, z</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">other variables in the pricing model.</p>
</td>
</tr></table></div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the delta credit spread risk sensitivities for all securitisation and non-securitisation positions as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="570" height="65" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="60" height="35" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the delta credit spread risk sensitivities for all securitisation and non-securitisation positions;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">cs<span class="subscript">kt</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the value of the credit spread rate of an issuer j at maturity t;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">V<span class="subscript">i</span> (.)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the pricing function of instrument i; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">x,y</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">risk factors other than cs<span class="subscript">kt</span> in the pricing function V<span class="subscript">i</span>.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate delta equity risk sensitivities as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sensitivities to risk factors consisting of equity spot prices shall be calculated as follows:</p>
<p class="container-center">
<img 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" width="499" height="65" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">s<span class="subscript">k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sensitivities to risk factors consisting of equity spot prices;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">k</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">a specific equity security;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">EQ<span class="subscript">k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the value of the spot price of that equity security;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">V<span class="subscript">i</span> (.)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the pricing function of instrument i; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">x,y</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">risk factors other than EQ<span class="subscript">k</span> in the pricing function V<span class="subscript">i</span>;</p>
</td>
</tr></table></div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sensitivities to risk factors consisting of equity repo rates shall be calculated as follows:</p>
<p class="container-center">
<img 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" width="535" height="69" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="41" height="34" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the sensitivities to risk factors consisting of equity repo rates;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">k</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the equity;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="38" height="29" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">a vector of m components representing the repo term structure for a specific equity k with m being equal to the number of repo rates corresponding to different maturities used in the pricing model of instrument i;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="37" height="35" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the unity matrix of dimension (1 · m);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">V<span class="subscript">i</span> (.)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the pricing function of the instrument i; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">y,z</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">risk factors other than <br><img src="data:image/jpg;base64,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" width="38" height="29" alt="image"> in the pricing function V<span class="subscript">i</span>.</p>
</td>
</tr></table></div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the delta commodity risk sensitivities to each risk factor k as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="518" height="65" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">s<span class="subscript">k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the delta commodity risk sensitivities;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">k</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">a given commodity risk factor;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">CTY<span class="subscript">k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the value of risk factor k;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">V<span class="subscript">i</span> (.)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the pricing function of instrument i; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">y, z</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">risk factors other than CTY<span class="subscript">k</span> in the pricing model of instrument i.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the delta foreign exchange risk sensitivities to each foreign exchange risk factor k as follows:</p>
<p class="container-center">
<img 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" width="479" height="65" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">s<span class="subscript">k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the delta foreign exchange risk sensitivities;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">k</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">a given foreign exchange risk factor;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">FX<span class="subscript">k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the value of the risk factor;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">V<span class="subscript">i</span> (.)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the pricing function of instrument i; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">y, z</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">risk factors other than FX<span class="subscript">k</span> in the pricing model of instrument i.</p>
</td>
</tr></table></div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325s -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the vega risk sensitivity of an option to a given risk factor k as follows:</p>
<p class="norm inline-element">
<img src="data:image/jpg;base64,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" width="222" height="32" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">s<span class="subscript">k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the vega risk sensitivity of an option;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">k</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">a specific vega risk factor, consisting of an implied volatility;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">vol<span class="subscript">k</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the value of that risk factor, which should be expressed as a percentage; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">x,y</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">risk factors other than vol<span class="subscript">k</span> in the pricing function V<span class="subscript">i</span>.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">In the case of risk classes where vega risk factors have a maturity dimension, but where the rules to map the risk factors are not applicable because the options do not have a maturity, institutions shall map those risk factors to the longest prescribed maturity. Those options shall be subject to the residual risks add-on.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">In the case of options that do not have a strike or barrier and options that have multiple strikes or barriers, institutions shall apply the mapping to strikes and maturity used internally by the institution to price the option. Those options shall also be subject to the residual risks add-on.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall not calculate the vega risk for securitisation tranches included in the ACTP, as referred to in Article 325(6), (7) and (8), that do not have an implied volatility. Own funds requirements for delta and curvature risk shall be computed for those securitisation tranches.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325t -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall derive sensitivities from the institution's pricing models that serve as a basis for reporting profit and loss to senior management, using the formulas set out in this Subsection.</div>
</div>
<p class="norm">By way of derogation from the first subparagraph, competent authorities may require an institution that has been granted permission to use the alternative internal model approach set out in Chapter 1b to use the pricing functions of the risk-measurement system of their internal model approach in the calculation of sensitivities under this Chapter for the calculation and reporting of the own funds requirements for market risk in accordance with Article 430b(3).</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">When calculating delta risk sensitivities of instruments with optionality as referred to in point (a) of Article 325e(2), institutions may assume that the implied volatility risk factors remain constant.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">When calculating vega risk sensitivities of instruments with optionality as referred to in point (b) of Article 325e(2), the following requirements shall apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for general interest rate risk and credit spread risk, institutions shall assume, for each currency, that the underlying of the volatility risk factors for which vega risk is calculated follows either a lognormal or normal distribution in the pricing models used for those instruments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for equity risk, commodity risk and foreign exchange risk, institutions shall assume that the underlying of the volatility risk factors for which vega risk is calculated follows a lognormal distribution in the pricing models used for those instruments.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Institutions shall calculate all sensitivities except for the sensitivities to credit valuation adjustments.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">By way of derogation from paragraph 1, subject to the permission of the competent authorities, an institution may use alternative definitions of delta risk sensitivities in the calculation of the own funds requirements of a trading book position under this Chapter, provided that the institution meets all the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">those alternative definitions are used for internal risk management purposes and for the reporting of profits and losses to senior management by an independent risk control unit within the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution demonstrates that those alternative definitions are more appropriate for capturing the sensitivities for the position than are the formulas set out in this Subsection, and that the resulting sensitivities do not materially differ from those formulas.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">By way of derogation from paragraph 1, subject to the permission of the competent authorities, an institution may calculate vega sensitivities on the basis of a linear transformation of alternative definitions of sensitivities in the calculation of the own funds requirements of a trading book position under this Chapter, provided that the institution meets both the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">those alternative definitions are used for internal risk management purposes and for the reporting of profits and losses to senior management by an independent risk control unit within the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution demonstrates that those alternative definitions are more appropriate for capturing the sensitivities for the position than are the formulas set out in this Subsection, and that the linear transformation referred to in the first subparagraph reflects a vega risk sensitivity.</p>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 4 -
The residual risk add-onArticle 325u -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">In addition to the own funds requirements for market risk set out in Section 2, institutions shall apply additional own funds requirements to instruments exposed to residual risks in accordance with this Article.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Instruments are considered to be exposed to residual risks where they meet any of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instrument references an exotic underlying, which, for the purposes of this Chapter, means a trading book instrument referencing an underlying exposure that is not in the scope of the delta, vega or curvature risk treatments under the sensitivities-based method laid down in Section 2 or the own funds requirements for the default risk set out in Section 5;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instrument is an instrument bearing other residual risks, which, for the purposes of this Chapter, means any of the following instruments:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">instruments that are subject to the own funds requirements for vega and curvature risk under the sensitivities-based method set out in Section 2 and that generate pay-offs that cannot be replicated as a finite linear combination of plain-vanilla options with a single underlying equity price, commodity price, exchange rate, bond price, credit default swap price or interest rate swap;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">instruments that are positions that are included in the ACTP referred to in Article 325(6); hedges that are included in that ACTP, as referred to in Article 325(8), shall not be considered.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the additional own funds requirements referred to in paragraph 1 as the sum of gross notional amounts of the instruments referred to in paragraph 2, multiplied by the following risk weights:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">1,0 % in the case of instruments referred to in point (a) of paragraph 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0,1 % in the case of instruments referred to in point (b) of paragraph 2.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">By way of derogation from paragraph 1, institution shall not apply the own funds requirement for residual risks to an instrument that meets any of the following conditions:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instrument is listed on a recognised exchange;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instrument is eligible for central clearing in accordance with Regulation (EU) No 648/2012;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the instrument perfectly offsets the market risk of another position in the trading book, in which case the two perfectly matching trading book positions shall be exempted from the own funds requirement for residual risks.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify what an exotic underlying is and which instruments are instruments bearing residual risks for the purposes of paragraph 2.</div>
</div>
<p class="norm">When developing those draft regulatory technical standards, EBA shall examine whether longevity risk, weather, natural disasters and future realised volatility should be considered as exotic underlyings.</p>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 June 2021.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 5 -
Own funds requirements for the default riskArticle 325v -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Section, the following definitions apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘short exposure’ means that the default of an issuer or group of issuers leads to a gain for the institution, regardless of the type of instrument or transaction creating the exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘long exposure’ means that the default of an issuer or group of issuers leads to a loss for the institution, regardless of the type of instrument or transaction creating the exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘gross jump-to-default (gross JTD) amount’ means the estimated size of the loss or gain that the default of the obligor would produce for a specific exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘net jump-to-default (net JTD) amount’ means the estimated size of the loss or gain that an institution would incur due to the default of an obligor, after offsetting between gross JTD amounts has taken place,</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘loss given default’ or ‘LGD’ means the loss given default of the obligor on an instrument issued by that obligor expressed as a share of the notional amount of the instrument;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘default risk weight’ means the percentage representing the estimated probability of the default of each obligor, according to the creditworthiness of that obligor.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Own funds requirements for the default risk shall apply to debt and equity instruments, to derivative instruments having those instruments as underlyings and to derivatives, the pay-offs or fair values of which are affected by the default of an obligor other than the counterparty to the derivative instrument itself. Institutions shall calculate default risk requirements separately for each of the following types of instruments: non-securitisations, securitisations that are not included in the ACTP, and securitisations that are included in the ACTP. The final own funds requirements for the default risk to be applied by institutions shall be the sum of those three components.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 1 -
Own funds requirements for the default risk for non-securitisationsArticle 325w -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the gross JTD amounts for each long exposure to debt instruments as follows:</p>
<div class="list">JTD<span class="subscript">long</span> = max {LGD V<span class="subscript">notional</span> + P&L<span class="subscript">long</span> + Adjustment<span class="subscript">long</span>; 0}</div>
<div class="list">where:</div>
<div class="list">
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">JTD<span class="subscript">long</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the gross JTD amount for the long exposure;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">V<span class="subscript">notional</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the notional amount of the instrument from which the exposure arises;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">P&L<span class="subscript">long</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">a term which adjusts for gains or losses already accounted for by the institution due to changes in the fair value of the instrument creating the long exposure; gains shall enter into the formula with a positive sign and losses shall enter into the formula with a negative sign; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">Adjustment<span class="subscript">long</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">where the instrument from which the exposure arises is a derivative instrument, the amount by which, due to the structure of the derivative instrument, the institution's loss in the event of default would be increased or reduced relative to the full loss on the underlying instrument; increases shall enter into the formula with a positive sign and decreases shall enter into the formula with a negative sign.</p>
</td>
</tr></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the gross JTD amounts for each short exposure to debt instruments as follows:</p>
<div class="list">JTD<span class="subscript">short</span> = min {LGD V<span class="subscript">notional</span> + P&L<span class="subscript">short</span> + Adjustment<span class="subscript">short</span>; 0}</div>
<div class="list">where:</div>
<div class="list">
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">JTD<span class="subscript">short</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the gross JTD amount for the short exposure;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">V<span class="subscript">notional</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the notional amount of the instrument from which the exposure arises that shall enter into the formula with a negative sign;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">P&L<span class="subscript">short</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">a term which adjusts for gains or losses already accounted for by the institution due to changes in the fair value of the instrument creating the short exposure; gains shall enter into the formula with a positive sign and losses shall enter into the formula with a negative sign; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">Adjustment<span class="subscript">short</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">where the instrument from which the exposure arises is a derivative instrument, the amount by which, due to the structure of the derivative instrument, the institution's gain in the event of default would be increased or reduced relative to the full loss on the underlying instrument; decreases shall enter into the formula with a positive sign and increases shall enter into the formula with a negative sign.</p>
</td>
</tr></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of the calculation set out in paragraphs 1 and 2, the LGD for debt instruments to be applied by institutions shall be the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to non-senior debt instruments shall be assigned an LGD of 100 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to senior debt instruments shall be assigned an LGD of 75 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">exposures to covered bonds, as referred to in Article 129, shall be assigned an LGD of 25 %.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purposes of the calculations set out in paragraphs 1 and 2, notional amounts shall be determined as follows:</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in the case of a bond, the notional amount is the face value of the bond;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">in the case of a sold put option on a bond, the notional amount is the notional amount of the option; in the case of a bought call option on a bond, the notional amount is 0.</p>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">For exposures to equity instruments, institutions shall calculate the gross JTD amounts as follows:</p>
<div class="list">JTD<span class="subscript">long</span> = max {LGD · V<span class="subscript">notional</span> + P&L<span class="subscript">long</span> + Adjustment<span class="subscript">long</span>; 0}</div>
<div class="list">JTD<span class="subscript">short</span> = min {LGD · V<span class="subscript">notional</span> + P&L<span class="subscript">short</span> + Adjustment<span class="subscript">short</span>; 0}</div>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">JTD<span class="subscript">long</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the gross JTD amount for the long exposure;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">V<span class="subscript">notional</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the notional amount of the instrument from which the exposure arises; the notional amount is the fair value of the equity for cash equity instruments; for the JTD<span class="subscript">short</span> formula, the notional amount of the instrument shall enter into the formula with a negative sign;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">P&L<span class="subscript">long</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">a term which adjusts for gains or losses already accounted for by the institution due to changes in the fair value of the instrument creating the long exposure; gains shall enter into the formula with a positive sign and losses shall enter into the formula with a negative sign;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">Adjustment<span class="subscript">long</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the amount by which, due to the structure of the derivative instrument, the institution's loss in the event of default would be increased or reduced relative to the full loss on the underlying instrument; increases shall enter into the formula with a positive sign and decreases shall enter into the formula with a negative sign;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">JTD<span class="subscript">short</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the gross JTD amount for the short exposure;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">P&L<span class="subscript">short</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">a term which adjusts for gains or losses already accounted for by the institution due to changes in the fair value of the instrument creating the short exposure; gains shall enter into the formula with a positive sign and losses shall enter into the formula with a negative sign; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">Adjustment<span class="subscript">short</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the amount by which, due to the structure of the derivative instrument, the institution's gain in the event of default would be increased or reduced relative to the full loss on the underlying instrument; decreases shall enter into the formula with a positive sign and increases shall enter into the formula with a negative sign.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Institutions shall assign an LGD of 100 % to equity instruments for the purposes of the calculation set out in paragraph 5.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">In the case of exposures to default risk arising from derivative instruments whose pay-offs in the event of default of the obligor are not related to the notional amount of a specific instrument issued by that obligor or to the LGD of the obligor or an instrument issued by that obligor, institutions shall use alternative methodologies to estimate the gross JTD amounts.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">how institutions are to determine the components P&L<span class="subscript">long</span>, P&L<span class="subscript">short</span>, Adjustment<span class="subscript">long</span> and Adjustment<span class="subscript">short</span> when calculating the JTD amounts for different types of instruments in accordance with this Article;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">which alternative methodologies institutions are to use for the purposes of the estimation of gross JTD amounts referred to in paragraph 7.</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the notional amounts of instruments other than the ones referred to in points (a) and (b) of paragraph 4.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 June 2021.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325x -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall calculate net JTD amounts by offsetting the gross JTD amounts of short exposures and long exposures. Offsetting shall only be possible between exposures to the same obligor where the short exposures have the same seniority as, or lower seniority than, the long exposures.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Offsetting shall be either full or partial, depending on the maturities of the offsetting exposures:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">offsetting shall be full where all offsetting exposures have maturities of one year or more;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">offsetting shall be partial where at least one of the offsetting exposures has a maturity of less than one year, in which case the size of the JTD amount of each exposure with a maturity of less than one year shall be multiplied by the ratio of the exposure's maturity relative to one year.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where no offsetting is possible gross JTD amounts shall equal net JTD amounts in the case of exposures with maturities of one year or more. Gross JTD amounts with maturities of less than one year shall be multiplied by the ratio of the exposure's maturity relative to one year, with a floor of three months, to calculate net JTD amounts.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purposes of paragraphs 2 and 3, the maturities of the derivative contracts shall be considered, rather than those of their underlyings. Cash equity exposures shall be assigned a maturity of either one year or three months, at the institution's discretion.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325y -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Net JTD amounts, irrespective of the type of counterparty, shall be multiplied by the default risk weights that correspond to their credit quality, as specified in Table 2:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-9a3b166e-4a20-4a22-a8f5-1d7a62c87696">
<span class="italics">Table 2</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="53%"><col width="48%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality category</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Default risk weight</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Credit quality step 1</p>
</td>
<td valign="top">
<p class="tbl-norm">0,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Credit quality step 2</p>
</td>
<td valign="top">
<p class="tbl-norm">3 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Credit quality step 3</p>
</td>
<td valign="top">
<p class="tbl-norm">6 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Credit quality step 4</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Credit quality step 5</p>
</td>
<td valign="top">
<p class="tbl-norm">30 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Credit quality step 6</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Unrated</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Defaulted</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Exposures which would receive a 0 % risk-weight under the Standardised Approach for credit risk in accordance with Chapter 2 of Title II shall receive a 0 % default risk weight for the own funds requirements for the default risk.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The weighted net JTD shall be allocated to the following buckets: corporates, sovereigns, and local governments/municipalities.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Weighted net JTD amounts shall be aggregated within each bucket, in accordance with the following formula:</p>
<div class="list">DRC<span class="subscript">b</span> = max {(Σ<span class="subscript">i long</span> RW<span class="subscript">i</span> · net JTD<span class="subscript">i</span>) – WtS · (Σ<span class="subscript">i short</span> RW<span class="subscript">i</span> · |net JTD<span class="subscript">i</span>|); 0}</div>
<div class="list">where:</div>
<div class="list">
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">DRC<span class="subscript">b</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the own funds requirement for the default risk for bucket b;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">i</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes an instrument belonging to bucket b;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">RW<span class="subscript">i</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the risk weight; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">WtS</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">a ratio recognising a benefit for hedging relationships within a bucket, which shall be calculated as follows:</p>
<p class="container-center">
<img 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" width="432" height="68" alt="image"></p>
</td>
</tr></table></div>
</div>
</div>
<p class="norm">For the purposes of calculating the DRC<span class="subscript">b</span> and the WtS, the long positions and short positions shall be aggregated for all positions within a bucket, regardless of the credit quality step to which those positions are allocated, to produce the bucket-specific own funds requirements for the default risk.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The final own funds requirement for the default risk for non-securitisations shall be calculated as the simple sum of the bucket-level own funds requirements.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 2 -
Own funds requirements for the default risk for securitisations not included in the ACTPArticle 325z -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Gross jump-to-default amounts for securitisation exposures shall be their market value or, if their market value is not available, their fair value determined in accordance with the applicable accounting framework.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Net jump-to-default amounts shall be determined by offsetting long gross jump-to-default amounts and short gross jump-to-default amounts. Offsetting shall only be possible between securitisation exposures with the same underlying asset pool and belonging to the same tranche. No offsetting shall be permitted between securitisation exposures with different underlying asset pools, even where the attachment and detachment points are the same.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where, by decomposing or combining existing securitisation exposures, other existing securitisation exposures can be perfectly replicated, except for the maturity dimension, the exposures resulting from that decomposition or combination may be used instead of the existing securitisation exposures for the purposes of offsetting.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Where, by decomposing or combining existing exposures in underlying names, the entire tranche structure of an existing securitisation exposure can be perfectly replicated, the exposures resulting from that decomposition or combination may be used instead of the existing securitisation exposures for the purposes of offsetting. Where underlying names are used in that manner, they shall be removed from the non-securitisation default risk treatment.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Article 325x shall apply to both existing securitisation exposures and to securitisation exposures used in accordance with paragraph 3 or 4 of this Article. The relevant maturities shall be those of the securitisation tranches.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325aa -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Net JTD amounts of securitisation exposures shall be multiplied by 8 % of the risk weight that applies to the relevant securitisation exposure, including STS securitisations, in the non-trading book in accordance with the hierarchy of approaches set out in Section 3 of Chapter 5 of Title II and irrespective of the type of counterparty.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">A maturity of one year shall be applied to all tranches, where risk weights are calculated in accordance with the SEC-IRBA and SEC-ERBA.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The risk-weighted JTD amounts for individual cash securitisation exposures shall be capped at the fair value of the position.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Risk-weighted net JTD amounts shall be assigned to the following buckets:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">one common bucket for all corporates, regardless of the region;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">44 different buckets corresponding to one bucket per region for each of the 11 asset classes defined in the second subparagraph.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of the first subparagraph, the 11 asset classes are ABCP, auto loans/leases, residential mortgage-backed securities (RMBS), credit cards, commercial mortgage-backed securities (CMBS), collateralised loan obligations, collateralised debt obligations squared (CDO-squared), small and medium-sized enterprises (SMEs), student loans, other retail, other wholesale. The four regions are Asia, Europe, North America, and rest of the world.</p>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">In order to assign a securitisation exposure to a bucket, institutions shall rely on a classification commonly used in the market. Institutions shall assign each securitisation exposure to only one of the buckets referred to in paragraph 4. Any securitisation exposure that an institution cannot assign to a bucket for an asset class or region shall be assigned to the asset class ‘other retail’ or ‘other wholesale’ or to the region ‘rest of the world’, respectively.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">Weighted net JTD amounts shall be aggregated within each bucket in the same manner as for default risk of non-securitisation exposures, using the formula in Article 325y(4), resulting in the own funds requirement for the default risk for each bucket.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">The final own funds requirement for the default risk for securitisations not included in the ACTP shall be calculated as the simple sum of the bucket-level own funds requirements.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 3 -
Own funds requirements for the default risk for securitisations included in the ACTPArticle 325ab -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For the ACTP, the own funds requirements shall include the default risk for securitisation exposures and for non-securitisation hedges. Those hedges shall be removed from the default risk calculations for non-securitisation. There shall be no diversification benefit between the own funds requirements for the default risk for non-securitisations, the own funds requirements for the default risk for securitisations not included in the ACTP and own funds requirements for the default risk for securitisations included in the ACTP.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For traded non-securitisation credit and equity derivatives, JTD amounts by individual constituents shall be determined by applying a look-through approach.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325ac -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Article, the following definitions apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘decomposition with a valuation model’ means that a single name constituent of a securitisation is valued as the difference between the unconditional value of the securitisation and the conditional value of the securitisation assuming that single name defaults with an LGD of 100 %;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘replication’ means that the combination of individual securitisation index tranches are combined to replicate another tranche of the same index series, or to replicate an untranched position in the index series;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">‘decomposition’ means replicating an index by a securitisation of which the underlying exposures in the pool are identical to the single name exposures that compose the index.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The gross JTD amounts for securitisation exposures and non-securitisation exposures in the ACTP shall be their market value or, if their market value is not available, their fair value determined in accordance with the applicable accounting framework.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Nth-to-default products shall be treated as tranched products with the following attachment and detachment points:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">attachment point = (N – 1) / Total Names;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">detachment point = N / Total Names;</p>
<p class="list">where ‘Total Names’ shall be the total number of names in the underlying basket or pool.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Net JTD amounts shall be determined by offsetting long gross JTD amounts and short gross JTD amounts. Offsetting shall only be possible between exposures that are otherwise identical except for maturity. Offsetting shall only be possible as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for indices, index tranches and bespoke tranches, offsetting shall be possible across maturities within the same index family, series and tranche, subject to the provisions on exposures of less than one year laid down in Article 325x; long gross JTD amounts and short gross JTD amounts that perfectly replicate each other may be offset through decomposition into single name equivalent exposures using a valuation model; in such cases, the sum of the gross JTD amounts of the single name equivalent exposures obtained through decomposition shall be equal to the gross JTD amount of the undecomposed exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">offsetting through decomposition as set out is point (a) shall not be allowed for resecuritisations or derivatives on securitisation;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for indices and index tranches, offsetting shall be possible across maturities within the same index family, series and tranche by replication or by decomposition; where the long exposures and short exposures are otherwise equivalent, apart from one residual component, offsetting shall be allowed and the net JTD amount shall reflect the residual exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">different tranches of the same index series, different series of the same index and different index families may not be used to offset each other.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325ad -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Net JTD amounts shall be multiplied by:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for tranched products, the default risk weights corresponding to their credit quality as specified in Article 325y(1) and (2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for non-tranched products, the default risk weights referred to in Article 325aa(1).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Risk-weighted net JTD amounts shall be assigned to buckets that correspond to an index.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">Weighted net JTD amounts shall be aggregated within each bucket in accordance with the following formula:</p>
<div class="list">DRC<span class="subscript">b</span> = max {(Σ<span class="subscript">i long</span> RW<span class="subscript">i</span> · net JTD<span class="subscript">i</span>) – WtS<span class="subscript">ACTP</span> · (Σ<span class="subscript">i short</span> RW<span class="subscript">i</span> · |net JTD<span class="subscript">i</span>|); 0}</div>
<div class="list">where:</div>
<div class="list">
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">DRC<span class="subscript">b</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the own funds requirement for the default risk for bucket b;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">i</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">an instrument belonging to bucket b; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">WtS<span class="subscript">ACTP</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the ratio recognising a benefit for hedging relationships within a bucket, which shall be calculated in accordance with the WtS formula set out in Article 325y(4), but using long positions and short positions across the entire ACTP and not just the positions in the particular bucket.</p>
</td>
</tr></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the own funds requirements for the default risk for the ACTP by using the following formula:</p>
<p class="norm inline-element">
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" width="340" height="42" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">DRC<span class="subscript">ACTP</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the own funds requirement for the default risk for the ACTP; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">DRC<span class="subscript">b</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the own funds requirement for the default risk for bucket b.</p>
</td>
</tr></table></div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 6 -
Risk weights and correlationsSub-Section 1 -
Delta risk weights and correlationsArticle 325ae -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For currencies not included in the most liquid currency sub-category as referred to in point (b) Article 325bd(7), the risk weights of the sensitivities to the risk-free rate risk factors shall be the following:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-530be22a-2ce1-4462-a46f-d3c8ccfbe873">
<span class="italics">Table 3</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="23%"><col width="35%"><col width="42%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Bucket</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Maturity</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk Weight</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">0,25 years</p>
</td>
<td valign="top">
<p class="tbl-norm">1,7 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">0,5 years</p>
</td>
<td valign="top">
<p class="tbl-norm">1,7 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">1 year</p>
</td>
<td valign="top">
<p class="tbl-norm">1,6 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">2 years</p>
</td>
<td valign="top">
<p class="tbl-norm">1,3 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">3 years</p>
</td>
<td valign="top">
<p class="tbl-norm">1,2 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">5 years</p>
</td>
<td valign="top">
<p class="tbl-norm">1,1 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">7</p>
</td>
<td valign="top">
<p class="tbl-norm">10 years</p>
</td>
<td valign="top">
<p class="tbl-norm">1,1 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">15 years</p>
</td>
<td valign="top">
<p class="tbl-norm">1,1 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">9</p>
</td>
<td valign="top">
<p class="tbl-norm">20 years</p>
</td>
<td valign="top">
<p class="tbl-norm">1,1 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">10</p>
</td>
<td valign="top">
<p class="tbl-norm">30 years</p>
</td>
<td valign="top">
<p class="tbl-norm">1,1 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall apply a risk weight of 1,6 % to all sensitivities of inflation and to cross currency basis risk factors.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For the currencies included in the most liquid currency sub-category as referred to in point (b) of 325bd(7) and the domestic currency of the institution, the risk weights of the risk-free rate risk factors shall be the risk weights referred to in Table 3 divided by √2.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325af -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Between two weighted sensitivities of general interest rate risk factors WS<span class="subscript">k</span> and WS<span class="subscript">l</span> within the same bucket, and with the same assigned maturity but corresponding to different curves, correlation ρ<span class="subscript">kl</span> shall be set at 99,90 %.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Between two weighted sensitivities of general interest rate risk factors WS<span class="subscript">k</span> and WS<span class="subscript">l</span> within the same bucket, corresponding to the same curve, but having different maturities, correlation shall be set in accordance with the following formula:</p>
<p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCABTATMBAREA/8QAHQABAAICAwEBAAAAAAAAAAAAAAcIBAYBAwUCCf/EAEQQAAEDBAEDAgMFBAYGCwAAAAECAwQABQYHEQgSIRMxFCJBFTlRd7UJMmGRFyNCgZfTFhhSVnGxJCUzNENVV2KVltL/2gAIAQEAAD8A/VOlKUpSo02P1KaG1DfmsX2btfHMaur8VE1uJcZgadUwpSkpcAP9kqQsc/8AtNbTgWwsJ2hjUfMNe5Pb8gsspbjbM6A8HWVqQopWAofUKBBrYq8nK8rxzB8cuOXZdeYtps1pjrlTZspwIaYaSOSpRP8Ay9ySAOSQKwNcZ5atnYRac9sUC6w7demTJiN3SCuHJLPcQhxTS/mSlYAWnn3QpJ+tbLSlKV1uvssltLzyEF1fpoClAdyuCeBz7ngHx/CuylKUpXW4+y0ptDrqEKeV2NhSgCtXBPA/E8AngfQGuylaKNz4M3tlelbjMk27J129N0gMzYymWbpH/wDEMR0/I+prx6iEnuTzzwQCRvVKUpSlK1/O8/wzWOMyszz/ACWBYbHCU2mRPnOhtlouLCEBSj7cqUkD+JrUtc9S+hNuX9eLa02xjeSXZuMuYuHbpgddDKFJSpZA+gK0jn+IqTaUpSlKVWJFrtt1/aHX9m52+LLbRp+1KSmQylwJP2zLHICgeDxVloUGFbY6YlviMxmUklLbLaUJHJ5PASAK76q1lqj1KdVTmoZ7TMzW+nI8O85NBeQlbN2yKSguQIzoI+dlhrmQU89pc7UrB7eKtIAAOBXNce1c0pUKdRwByfR3KQeNnxCOR7f9U3So73HuPq01zeMacYt+s7ba822Q3gtliXC2zZcpmI8qR8NcHnmZiEL7244cLIQgp9UJJ5SeZkxDNstxWE3bOoTI8IgXy6X37KsDlpLkRm7oW20WktMSHXHPW71upUgKPhvuHy+akaRJjxYzsyS+20wyhTjjriwlCEAclRJ8AAeSTWv/ANJmuv8AfzHf/lY//wC6gTqn3R1L6XxXPtp4lZMCZw3DYUF+Ci8RZMuXelulCX1JWxKbEdLa3AkJW2oq7SoHg+JFsGabM15EyTIOpPKdexMYt0OLKg3y0xpFuaSsl74lt9EmQ8flCWChSSO7vUOORXm7luEG75z093W3SESIkzO3ZDDqfKVtrxu7qSofwIIP99TYPYVzUWdRWnnNvYA7Gx65KsuaWFf2viN9a7UvWy6tAlpYUQf6tZ/q3UccLbWpJ+lZfTvt+LvXT2ObKagOW+VcoxauUFxCkKhXBlRalMEK8/I8hxI588AVJFKUpSldE2DDuMdUSfEZksL47m3m0rSeDyOQQQfNVruVqtlp6/cNZtduiw0L1bfFKTHYQ2FH7Thjk9oHNWbpSlKUpVbLZ94nkP5O2r9alVZOvlXHHn6+Kqv+z8IybENl7ffhy25GwNk365IdlMtpWqIy8I8dAUhICkoS2pPuod4c4PJNWpJA9zxTuT/tCqvb56irNJzq06uwrc5xdm1z5Cs8uloiMyJ9liIZKWXP+ktOMpj/ABa2Wn3koc9IrQlRb7lKTtfRjvl/qB0lDyi8XiDc7/aJ0uxXmTCQENSJEZ0oTIShPypDzXpPcJ5SPUIB4HidiQPx/lXHcPwP8jULdRh7sm0fwlR42dFP7p/8pule1uTRsDdL+Jv3XNchsgw2+RMltibW3F8XKMHA06svsOFSQl1YKP3Tz+NaZ1fRM2cw7BRgOPycgyG2ZxY7jHC7dLejI9B0lx+UqIy4plpIVypSU88chIPtWf0vy82yzVdxsu9Bl1yycyX7fkkHKrC1HhhzgtOswlNx22ZkBfapSHOXSpLnzK89o2v/AFbOnP8A9A9df/U4P+VXbvTTFl31ra5aqyG/Xa0WO8ISzOFrQwl51pKkrSgKdaWEcKQk8pAPjj2rU+qDH8hX0l7Dw6Au/wCWXydik+2RSxbS/NnyHGVJbHpRGgO5RIBKUJT9TxXkZSzJac6X2pEOUw61lDSXWn462nG1DFbrylaFgKQoEHlKgCODyPFWGChwPB/kadw/A/yNcq8JJ/Ac1Vfo8l26w7m6ltVWl+T8JYs+bvrTC20BpgXSIl1xLZSB49Vp35ePlSE+5JNWppSlKUpVbsi+8Bwv8q77+pw6sjSlKUpSq2Wz7xPIfydtX61KqydfK/b+8f8AOqw/s5p756bUYzNtkqDOxjK8ltMxuQntV6wuj7yh2+6ePXCSD57kK/hU2bH1fA2U3AanZdmVjFvU4pJxzIpVqLveE8h0sKT6gHb8vd7cq49zWn2/pksVunxp6NsbheVGeQ8G5Gwrm60spUD2rQpzhSTxwQfBHIrR9ja+zTV3URYt6621M7luPDFr1YbnZbDJjRZrM+dcETzNDchbbTodeSQ6QsKBcU4Qrjg9Wkujq1WLp3Y13m65uPZBf7yrKsglYvclQ5QlrlKkIiKlNeXUNNrEckcJUlKlJCSQal3b2jsO3SxbI+W3LKIibUt5bBsmQTLWVFwJCvUMZafUHyDju5488ccmo1/1EtM/7y7T/wAQrx/nVrKOjHp1yDMpmHSZO4nLljaI10RImZVfREBeS4lDkaStfpLcA9RJCFd6eVA+Oa2YdCOmT4GS7S/xDvH+dUJv9MWPZB1QytM43l2bWjHcYxuBkN3kyM3vkudcVS5DraGGCJaG46UhhRUtQcJ7xwke4xb/AGLo3x+6Itb9z6kJokXqRjkKXb5+UyYs+5sOONvRozyFFD60rYfSQgn/ALJf+yakzW/S507bTsb9+xu/bpitxJr1ukxrvmF+t8tiQ1x3ocYedStJ+ZJHI8ggitrPQhpoef8ASbaX+Id4/wA+tQ2X0y9OGprVb7rk+R7pfVd7gi1W6FaMwv8AcJkyUppx30mmGHFLUQ0y8s+OAltRqMsbwnot2HfbfChnqJcdi5H9gNT7hLydqLbrySY6mHJDh7I7wLpbV3FJHeUn34M5XLoM1NItz7VtzPZ8SSpshp9We3d0Nq+hKDIHd/w5FRZ0t9O2H58M0jZpes4N91rnU3F3Jlvz29oi3ERksvtv/DuyFlvlL6UqQVrBKCeeFcC9B+VJ4/iaq10xRbrI6suqfI5bMdMJ29Y5aY62ghJUuNblrUFJT55CZDfKz5Vzx/Zq09K+VrShJWtQSB7kngVypSUpKlEADyTXCHEOJCm1hST7EHkGtT2LtjX2qIdtm59kjNrTeJzdstzXpOvvzJS+e1pllpKnHFcAnhKTwPfis7Cs+wzY2NxcvwbJIF6s8xAW1LiOhaR45KVj3bWOeFIWApJ5CgCCKx8C2dgW0It1nYBk0S+RbLc3rNMkRO5TSJbQSXG0rICXO3vT8yCpPJ455B4hbIvvAcL/ACrvv6nDqyNa/nuZQ9f4nPy+4Wm83ONbkpW7Gs9vcmy1JKgklDLfzKCee5XHskKP0qvdg/aIaXyLXcbbsXEtgsYQZot9yv8AIsSUQ7S+pzsbEhfq8qCiUDvZDqUFxIcKCeK3q39V+v5eY4zjE3HsrtduzaUuDi+SXC2pZtN6kJQVpQw56hdAcQO5pbjSEOjy2pXIr5znqrxDEM9vuubPhGZ5jecTtzF2yFnHYLDyrXFeT3tuKQ8+04/yjlXbHQ6oeAR3KSDmXzqn1ba9WWndNoTkGT4ddors4XPHbK/cURY7Se51ySGh3MBHCgrvAKShYPBSa8Sb1oaoi2HAb9HsucXBOzGZb+Nxbfi8qTKmIjn5/wCqbBUn5CHBz7t/N4HNTuw6H2W3ghaA4kK7Vp7VDkc8EH2P8KrhbPvE8h/J21frUqpJ2tvrD9UXawYpKt14yPLMpdW3ZsasMdD9xmJbHLroS4ttttpA8qddWhA4PknxXdqDeGJ7nayCNZIF3s95xS5G032yXhhDM62yu0LSlxLa1tqSpJ7kuIWpCgDwTweIc0T6WleqjbGjbg38Lbc/lf0lYm4rniR6yUNXRkKJ470SEpWEDz2LKj7+LT0rggH3Fc1A/WbrPNtqad/0f1rbpr+Vx7xb5tskxb0bYYfpyEKkLLocRz3R/WaCfm8uA8DjuTBmZ9Om7F3DaM/A8InW5dyyfGZ2DlvJmmvsqFDMc3DsHrkMF4x18hPJX6qe768b/sTR2e3/AHNtXILbil0exXLdeN2qOwjJiyJOQIkd6ZCG/iB8OA2I6e9PZ/3dXg93K8Tp10tubX2zMGvORWqfEtkXWAsWUyHMgTME/JPiGXVTFtl1RdPCHUh0jkep2gBPtlaIteWY/wBZO2rXsbJo2V3+Vi1gnxLvFhm3NRraXpKEQREC3E8pcS44XfUJV3/T2Gz9SOvs4yDJNTSdb67TcoeF5yxltyLU6JCQpr0ZTbyUJcUCp4qkBzyAlXJ5WCTWf1M7Nd0uxrzNZGZM4pjsnMosLKFvNMeg/CcivqUXXFIUtBSuO0AUKBPPaeeRxxkG5YOyelTLtrN63yGJZ5GNzJse3Xm5tWmRc4Bih0PNSYjj6o6XG1HsX4cCh+6nwalDGo0V3BsflLxaY07AtsaTEt1wUHZkV0RgkNqcdPh4JUptSyoHkq5Pk1EfSnr/AD/Amdm2/YOEi1s5HsO9Zla3TPjSkrjzZCXWkLS2olDrfaOfdPPBSo/TM6aM3zLLcj3Xa8uyeVem8V2FIslrU+0y2WIbcCItLYDSEJ/ecWSeOSSTWjdKdry2dvbfuT2HJo1rwlrYs23y8YchGU9IurcKN609ExS0llLve2Sz2LA9MAFI57rM5jlliwTFLvmmTz0QrRY4T1wnSF+zTDSCtauPr4SfH1qBegrD7zbdMS9oZZAMTI9uX6dntxZW2lK46ZqwqOzyACQGUoUOQOC4rwPYTln+dY3rPC73sDMJi4llx+C7cJzyGVOqQy2nuUQhAKlHj6AV0612HjW18EsuxsPffest/iJmwnH2FMrU0onglCvKfb61SL9qLszLci0tn+Fa/uZg4/hKbWrMrghB5ly5cllMeztqChwQ06JT54ICfh0c8uKAkLqjvD+e7o6f+mJxEiVj+WSZOQ5ZDbcLSZlugxu5uO6rkBxhbneXWvPcEJH1rm1iFojrqxXUOr7XGsOFZ/hM24XLH4aA1b2J8N1wty47CR2suqQChzs4SsEFQKkg17/Uy3GwzqI0hvHMI3pYRiwv9sud3Wtfo2WZOjNoiynwkHtbUUOMeoflSp5IJHINV5yHCcJ2FZblCxPXkd/Ym+86vsrEJ0ht+L8PjhWhL18msIcaDrCG0OuMIfCvUU+zwkhxaTeXQ2G6w1xrK0661JOt0qxYwlVs74clp8mQ2f64vKbPHrFZUpfPB7ieQKjDIvvAcL/Ku+/qcOrI1pm5Mqx3C9YZJkOV3Zi221mA6y5Je7uxK3UlpsHtBPKlrSkcD3Ir84Mc2lgMP9kmvVcrJGGsvXabhbE2dTTolGSq5rfDXZ2c9xaWlf4dqgakjqw3Vpa9XzpmlYdmFplWnGdgWy7yzCZd9GFbI/LKniAgBDSFNKT7Djt9vFY0va9nzXqC27eNibXd0/HsCo0DHbdjMKLAyHNIha4jyTLdYW/PQslosMMEkeqgKSnwVeX0L9UurNMdKVs13tKPJYGPwbm5cmzCdkOKnvXOYPskxktlXxBZSh0hXyht5JVwOTWJ09z7J0b7bsGT7MtFot2GbusL17sD8RT0lrA0uOrlqtSSQoiK4l+OFOIShKngOQUoKh+k9outuvtqhXu0S0SoNwjtyoz6Oe11pxIUhY5+hSQf76rvbPvE8h/J21frUqok6k8WTinXBje2diZ7lGBYFkGDqxaNlVkmoitQbq3KU/6Ex9xpxDDTrfJCiEhSkj5gEqqTelSzawTtbZmU6tyPLs4ZuTVti3nN7rekTINznMB1AjRS22ht5TDXZ3vJ7gPUSgHnuqUN6aYVtKFZMgxq8JsGd4XP+18WvfplQjyewocYfCSFORH0EtPNhQ7knkeUit1wm4ZTdMUts/Nsfj2S+usj4+BGmiWyw8CQoNvADvQeOUkgHgjkA8ivcpSlKUqJMn0ZcpG5Im7cB2BKxq8vwY1mv8R6A3PhXa2sPKdQ36alIUw8krWEvIVwAs8oVUt1qOfatxLZb1heypma8cbuSLvb0sTnWEIloBCHVJQoBwpClgBQI+ZXjzXzrPVGGahs0jHMChzYFoflOS2re5cH5EeIpZJU3GbdWoR2uSSGm+1tP0SK3CuCARwajqy6ZtmBWrMf6LLo/ZL7mU5d3mXG5LeuyPtBSEtmQpl11IPKEISUpUgEIT+FdGidJs6Vs+Qsv5fcsnvOXX5/Jr5c5rDEf4ie80024W2WUpQ03wyjhHkjzyo14G5NUZdvfK7bgeTlq26otimLpemmZQVKyiSlfc1AW2E/1MNtSEuOkkqdPYgBKQpRmlllqO0hhltKG20hKUpHASB4AAHsK1vZuYWnANfZFmt+s8+626y22RNlwYEX4mRIaQglTaGj4WSORwSB78kDmvE01s/Fd56es2wtamXbLVeIbrUJuVCDL0Fxpa2FNLZ/dBacbUngEoPZ4JSQaoF1x68zTS/SnetR3Xf9jyF6+ymro3YkYT8Ndb7IVcmnpMtcpElzlz1FF1avT8hJSO0ccbrsS7v2zaHTb1VTNqxcrxWy3G6YtlGVWu0/Z9uhR5KexgvNFS/RaC1LQ68pYQntST281IyJVs3H+0LxbMtcXuBfrFrnBJsa/XOC+mRFZlzHVpYipdbKkqeKVeoUc/KgEnyQDZ/ZGwcV1Tgt72Lm1zRb7JYIa5sx9RHISn2SkEjuWpRShCfdSlJSPJqle0sQ22x0n7s6n79alxdpZ/jhQ3DUshzGsVC0kQG1JHclxMZTr7p/tOnz+5zUy6rx7X+IbyxW2aht1qt9vuGr25N6i2hKEQnI7ciOLXIJaSUuOKDk5KFrUCpsLIK+09v3kX3gOF/lXff1OHVka4I58Vx2j8T/ADNO0fif5mseVa7dNfjypkCO+9EUVx3HGkqU0o8clBI5SfA8jj2rtbjMMlZZaSgur719o47lcccnj3Pgef4V2EA/j/OuarZbPvE8h/J21frUqrHyI7EphyNJZQ6y6gocbWkKStJHBBB8EEfQ18xIkWDHbiQo7TDDSQlttpAQhA/AAeAP+Fd1KUpSlKUpSlKUpSlYV6bu71nnNY/KixrouM6mE9KZU6y2/wBp9NTiEqSpaArglIUkkAgEe9a7qXXrOrcAteGJurt1lRg7JuNyeT2uXC4SHVvy5ak8ntU7IddcKeSB38cnituIB/H+dfD8diSw5GktIdZdQUOIcSFJWkjggg+CCPoa6LbarZZ4/wAJabfGhsdxV6UdlLaO4+57UgDn+NY2RYtjmXQG7XlFig3aG1JYmoYmMJebS+y4HGnO1QI7kLSlQP0IBrPkxY02M7CmR23476FNOtOoC0OIUOFJUD4IIJBB9+a1jANT601XGmRNcYLY8bZuD3ryUWyEhgOq5JHPaPZPcoJT+6kEhIA8VDWRfeA4X+Vd9/U4dWRpSlKUpVbLZ94nkP5O2r9alVZOlKUpSlKUpSlKUpSlKUpSlKUqt2RfeA4X+Vd9/U4dWRpSlKUpVbLZ94nkP5O2r9alVZOlKUpSlKUpSlKUpSlKUpSlKUqt2RfeA4X+Vd9/U4dWRpSlKUpVZNp6r6moPUs/vLRTOtJsSfhUPFpMbK7hPYcQtma/IK0CMyoEH1UDkq+h8fUzjrJzaDuIRV7hh4xGygrd+KbxyRIeghHefT7FyEpcJ7O3u5Hvzx4raqUpSlKUpSlKUpSlKUpSlKUrV9lubMaw6avUMTGpOUhTXwbeRPvswCn1E+p6i2EqcB9Pv7eAfm458c1BetdW9T116kLbuvekfWUKFaMRuGOR4+KXCe+64uRKjvBaxJZSAB6KhyFfUeD9LOUpSlKUpSlKUpSlKUpSlKUpSlKUpSlKUpSv/9k=" width="307" height="83" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">T<span class="subscript">k</span> (respectivelyT<span class="subscript">l</span>)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the maturity that relates to the risk free rate;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">θ</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">3 %</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Between two weighted sensitivities of general interest rate risk factors WS<span class="subscript">k</span> and WS<span class="subscript">l</span> within the same bucket, corresponding to different curves and having different maturities, the correlation ρ<span class="subscript">kl</span> shall be equal to the correlation parameter specified in paragraph 2, multiplied by 99,90 %.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Between any given weighted sensitivity of general interest rate risk factors WS<span class="subscript">k</span> and any given weighted sensitivity of inflation risk factors WS<span class="subscript">l</span>, the correlation shall be set at 40 %.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Between any given weighted sensitivity of cross-currency basis risk factors WS<span class="subscript">k</span> and any given weighted sensitivity of general interest rate risk factors WS<span class="subscript">l</span>, including another cross-currency basis risk factor, the correlation shall be set at 0 %.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325ag -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The parameter γ<span class="subscript">bc</span> = 50 % shall be used to aggregate risk factors belonging to different buckets.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The parameter γ<span class="subscript">bc</span> = 80 % shall be used to aggregate an interest rate risk factor based on a currency as referred to in Article 325av(3) and an interest rate risk factor based on the euro.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325ah -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Risk weights for the sensitivities to credit spread risk factors for non-securitisations shall be the same for all maturities (0,5 years, 1 year, 3 years, 5 years, 10 years) within each bucket in Table 4:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-e840ad55-eec0-4e92-9fa2-a3c1fe345c15">
<span class="italics">Table 4</span>
</p>
<table width="320" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="6%"><col width="16%"><col width="75%"><col width="3%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Bucket number</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Sector</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">All</p>
</td>
<td valign="top">
<p class="tbl-norm">Central government, including central banks, of Member States</p>
</td>
<td valign="top">
<p class="tbl-norm">0,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2</p>
</td>
<td rowspan="7" valign="top">
<p class="tbl-norm">Credit quality step 1 to 3</p>
</td>
<td valign="top">
<p class="tbl-norm">Central government, including central banks, of a third country, multilateral development banks and international organisations referred to in Article 117(2) or Article 118</p>
</td>
<td valign="top">
<p class="tbl-norm">0,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">Regional or local authority and public sector entities</p>
</td>
<td valign="top">
<p class="tbl-norm">1,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">Financial sector entities including credit institutions incorporated or established by a central government, a regional government or a local authority and promotional lenders</p>
</td>
<td valign="top">
<p class="tbl-norm">5,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">Basic materials, energy, industrials, agriculture, manufacturing, mining and quarrying</p>
</td>
<td valign="top">
<p class="tbl-norm">3,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">Consumer goods and services, transportation and storage, administrative and support service activities</p>
</td>
<td valign="top">
<p class="tbl-norm">3,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">7</p>
</td>
<td valign="top">
<p class="tbl-norm">Technology, telecommunications</p>
</td>
<td valign="top">
<p class="tbl-norm">2,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">Health care, utilities, professional and technical activities</p>
</td>
<td valign="top">
<p class="tbl-norm">1,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">9</p>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">Covered bonds issued by credit institutions established in Member States</p>
</td>
<td valign="top">
<p class="tbl-norm">1,0 %</p>
</td>
</tr><tr><td rowspan="2" valign="top">
<p class="tbl-norm">10</p>
</td>
<td valign="top">
<p class="tbl-norm">Credit quality step 1</p>
</td>
<td rowspan="2" valign="top">
<p class="tbl-norm">Covered bonds issued by credit institutions in third countries</p>
</td>
<td valign="top">
<p class="tbl-norm">1,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Credit quality steps 2 to 3</p>
</td>
<td valign="top">
<p class="tbl-norm">2,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">11</p>
</td>
<td rowspan="7" valign="top">
<p class="tbl-norm">Credit quality step 4 to 6 and unrated</p>
</td>
<td valign="top">
<p class="tbl-norm">Central government, including central banks, of a third country, multilateral development banks and international organisations referred to in Article 117(2) or Article 118</p>
</td>
<td valign="top">
<p class="tbl-norm">2 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">12</p>
</td>
<td valign="top">
<p class="tbl-norm">Regional or local authority and public sector entities</p>
</td>
<td valign="top">
<p class="tbl-norm">4,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">13</p>
</td>
<td valign="top">
<p class="tbl-norm">Financial sector entities including credit institutions incorporated or established by a central government, a regional government or a local authority and promotional lenders</p>
</td>
<td valign="top">
<p class="tbl-norm">12,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">14</p>
</td>
<td valign="top">
<p class="tbl-norm">Basic materials, energy, industrials, agriculture, manufacturing, mining and quarrying</p>
</td>
<td valign="top">
<p class="tbl-norm">7,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">15</p>
</td>
<td valign="top">
<p class="tbl-norm">Consumer goods and services, transportation and storage, administrative and support service activities</p>
</td>
<td valign="top">
<p class="tbl-norm">8,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">16</p>
</td>
<td valign="top">
<p class="tbl-norm">Technology, telecommunications</p>
</td>
<td valign="top">
<p class="tbl-norm">5,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">17</p>
</td>
<td valign="top">
<p class="tbl-norm">Health care, utilities, professional and technical activities</p>
</td>
<td valign="top">
<p class="tbl-norm">5,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">18</p>
</td>
<td colspan="2" valign="top">
<p class="tbl-norm">Other sector</p>
</td>
<td valign="top">
<p class="tbl-norm">12,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">19</p>
</td>
<td colspan="2" valign="top">
<p class="tbl-norm">Listed credit indices with a majority of its individual constituents being investment grade</p>
</td>
<td valign="top">
<p class="tbl-norm">1,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">20</p>
</td>
<td colspan="2" valign="top">
<p class="tbl-norm">Listed credit indices with a majority of its individual constituents being non-investment grade or unrated</p>
</td>
<td valign="top">
<p class="tbl-norm">5 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">To assign a risk exposure to a sector, institutions shall rely on a classification that is commonly used in the market for grouping issuers by sector. Institutions shall assign each issuer to only one of the sector buckets in Table 4. Risk exposures from any issuer that an institution cannot assign to a sector in such a manner shall be assigned to bucket 18 in Table 4.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325ai -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">The correlation parameter <span class="italics">ρ<span class="subscript">k</span>
</span>
<span class="subscript">l</span> between two sensitivities <span class="italics">W</span>S<span class="italics">
<span class="subscript">k</span>
</span> and <span class="italics">W</span>S<span class="italics">
<span class="subscript">l</span>
</span> within the same bucket shall be set as follows:</p>
<div class="list">ρ<span class="subscript">kl</span> = ρ<span class="subscript">kl</span>
<span class="superscript">(name)</span> · ρ<span class="subscript">kl</span>
<span class="superscript">(tenor)</span> · ρ<span class="subscript">kl</span>
<span class="superscript">(basis)</span>
</div>
<div class="list">where:</div>
<div class="list">
<div class="list">ρ<span class="subscript">kl</span>
<span class="superscript">(name)</span> shall be equal to 1 where the two names of sensitivities k and l are identical, otherwise it shall be equal to 35 %;</div>
<div class="list">ρ<span class="subscript">kl</span>
<span class="superscript">(tenor)</span> shall be equal to 1 where the two vertices of the sensitivities k and l are identical, otherwise it shall be equal to 65 %; and</div>
<div class="list">ρ<span class="subscript">kl</span>
<span class="superscript">(basis)</span> shall be equal to 1 where the two sensitivities are related to the same curves, otherwise it shall be equal to 99,90 %.</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The correlation parameters referred to in paragraph 1 of this Article shall not apply to bucket 18 in Table 4 of Article 325ah(1). The capital requirement for the delta risk aggregation formula within bucket 18 shall be equal to the sum of the absolute values of the net weighted sensitivities allocated to that bucket:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="247" height="61" alt="image"></p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325aj -
<p class="norm">The correlation parameter γ<span class="subscript">bc</span> that applies to the aggregation of sensitivities between different buckets shall be set as follows:</p>
<div class="list">γ<span class="subscript">bc</span> = γ<span class="subscript">bc</span>
<span class="superscript">(rating)</span> · γ<span class="subscript">bc</span>
<span class="superscript">(sector)</span>
</div>
<div class="list">where:</div>
<div class="list">
<div class="list">γ<span class="subscript">bc</span>
<span class="superscript">(rating)</span> shall be equal to 1 where the two buckets have the same credit quality category (either credit quality step 1 to 3 or credit quality step 4 to 6), otherwise it shall be equal to 50 %; for the purposes of that calculation, bucket 1 shall be considered as belonging to the same credit quality category as buckets that have credit quality step 1 to 3; and</div>
<div class="list">γ<span class="subscript">bc</span>
<span class="superscript">(sector)</span> shall be equal to 1 where the two buckets belong to the same sector, and otherwise shall be equal to the corresponding percentage set out in Table 5:</div>
<div class="list">
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-9d412a69-8d64-46e9-a277-2af919699043">
<span class="italics">Table 5</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="14%"><col width="18%"><col width="8%"><col width="6%"><col width="6%"><col width="8%"><col width="8%"><col width="6%"><col width="6%"><col width="6%"><col width="6%"><col width="8%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Bucket</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">1, 2 and 11</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">3 and 12</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">4 and 13</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">5 and 14</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">6 and 15</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">7 and 16</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">8 and 17</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">9 and 10</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">18</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">19</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">20</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1, 2 and 11</p>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">75 %</p>
</td>
<td valign="top">
<p class="tbl-norm">10 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">25 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">10 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3 and 12</p>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">5 %</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">10 %</p>
</td>
<td valign="top">
<p class="tbl-norm">10 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4 and 13</p>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">5 %</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">5 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5 and 14</p>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">25 %</p>
</td>
<td valign="top">
<p class="tbl-norm">5 %</p>
</td>
<td valign="top">
<p class="tbl-norm">5 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">6 and 15</p>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">25 %</p>
</td>
<td valign="top">
<p class="tbl-norm">5 %</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">7 and 16</p>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">5 %</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">8 and 17</p>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">5 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">9 and 10</p>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">18</p>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">19</p>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="tbl-norm">75 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">20</p>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
<td valign="top">
<p class="normal"> </p>
<div></div>
</td>
</tr></tbody></table></div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325ak -
<p class="norm">Risk weights for the sensitivities to credit spread risk factors for securitisations included in the ACTP risk factors shall be the same for all maturities (0,5 years, 1 year, 3 years, 5 years, 10 years) within each bucket and shall be specified for each bucket in Table 6 pursuant to the delegated act referred to in Article 461a:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-5f736bc6-1114-4322-b972-c35c660e8823">
<span class="italics">Table 6</span>
</p>
<table width="320" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="5%"><col width="16%"><col width="74%"><col width="5%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Bucket number</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Sector</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">All</p>
</td>
<td valign="top">
<p class="tbl-norm">Central government, including central banks, of Member States</p>
</td>
<td valign="top">
<p class="tbl-norm">4,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2</p>
</td>
<td rowspan="9" valign="top">
<p class="tbl-norm">Credit quality step 1 to 3</p>
</td>
<td valign="top">
<p class="tbl-norm">Central government, including central banks, of a third country, multilateral development banks and international organisations referred to in Article 117(2) or Article 118</p>
</td>
<td valign="top">
<p class="tbl-norm">4,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">Regional or local authority and public sector entities</p>
</td>
<td valign="top">
<p class="tbl-norm">4,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">Financial sector entities including credit institutions incorporated or established by a central government, a regional government or a local authority and promotional lenders</p>
</td>
<td valign="top">
<p class="tbl-norm">8,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">Basic materials, energy, industrials, agriculture, manufacturing, mining and quarrying</p>
</td>
<td valign="top">
<p class="tbl-norm">5,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">Consumer goods and services, transportation and storage, administrative and support service activities</p>
</td>
<td valign="top">
<p class="tbl-norm">4,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">7</p>
</td>
<td valign="top">
<p class="tbl-norm">Technology, telecommunications</p>
</td>
<td valign="top">
<p class="tbl-norm">3,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">Health care, utilities, professional and technical activities</p>
</td>
<td valign="top">
<p class="tbl-norm">2,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">9</p>
</td>
<td valign="top">
<p class="tbl-norm">Covered bonds issued by credit institutions established in Member States</p>
</td>
<td valign="top">
<p class="tbl-norm">3,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">10</p>
</td>
<td valign="top">
<p class="tbl-norm">Covered bonds issued by credit institutions in third countries</p>
</td>
<td valign="top">
<p class="tbl-norm">6,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">11</p>
</td>
<td rowspan="7" valign="top">
<p class="tbl-norm">Credit quality step 4 to 6 and unrated</p>
</td>
<td valign="top">
<p class="tbl-norm">Central government, including central banks, of a third country, multilateral development banks and international organisations referred to in Article 117(2) or Article 118</p>
</td>
<td valign="top">
<p class="tbl-norm">13,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">12</p>
</td>
<td valign="top">
<p class="tbl-norm">Regional or local authority and public sector entities</p>
</td>
<td valign="top">
<p class="tbl-norm">13,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">13</p>
</td>
<td valign="top">
<p class="tbl-norm">Financial sector entities including credit institutions incorporated or established by a central government, a regional government or a local authority and promotional lenders</p>
</td>
<td valign="top">
<p class="tbl-norm">16,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">14</p>
</td>
<td valign="top">
<p class="tbl-norm">Basic materials, energy, industrials, agriculture, manufacturing, mining and quarrying</p>
</td>
<td valign="top">
<p class="tbl-norm">10,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">15</p>
</td>
<td valign="top">
<p class="tbl-norm">Consumer goods and services, transportation and storage, administrative and support service activities</p>
</td>
<td valign="top">
<p class="tbl-norm">12,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">16</p>
</td>
<td valign="top">
<p class="tbl-norm">Technology, telecommunications</p>
</td>
<td valign="top">
<p class="tbl-norm">12,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">17</p>
</td>
<td valign="top">
<p class="tbl-norm">Health care, utilities, professional and technical activities</p>
</td>
<td valign="top">
<p class="tbl-norm">12,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">18</p>
</td>
<td colspan="2" valign="top">
<p class="tbl-norm">Other sector</p>
</td>
<td valign="top">
<p class="tbl-norm">13,0 %</p>
</td>
</tr></tbody></table></div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325al -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The delta risk correlation <span class="italics">ρ<span class="subscript">k</span>
</span>
<span class="subscript">l</span> shall be derived in accordance with Article 325ai, except that, for the purposes of this paragraph, <span class="italics">ρ<span class="subscript">k</span>
</span>
<span class="subscript">l</span>
<span class="superscript">(basis)</span> shall be equal to 1 where the two sensitivities are related to the same curves, otherwise it shall be equal to 99,00 %.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The correlation <span class="italics">γ<span class="subscript">b</span>
</span>
<span class="subscript">c</span> shall be derived in accordance with Article 325aj.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325am -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Risk weights for the sensitivities to credit spread risk factors for securitisation not included in the ACTP shall be the same for all maturities (0,5 years, 1 year, 3 years, 5 years, 10 years) within each bucket in Table 7 and shall be specified for each bucket in Table 7 pursuant to the delegated act referred to in Article 461a:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-c87897f6-2483-4c32-8114-58b18188b762">
<span class="italics">Table 7</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="15%"><col width="48%"><col width="24%"><col width="13%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Bucket number</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Credit quality</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Sector</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td rowspan="8" valign="top">
<p class="tbl-norm">Senior and Credit quality step 1 to 3</p>
</td>
<td valign="top">
<p class="tbl-norm">RMBS — Prime</p>
</td>
<td valign="top">
<p class="tbl-norm">0,9 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">RMBS — Mid-Prime</p>
</td>
<td valign="top">
<p class="tbl-norm">1,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">RMBS — Sub-Prime</p>
</td>
<td valign="top">
<p class="tbl-norm">2,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">CMBS</p>
</td>
<td valign="top">
<p class="tbl-norm">2,0 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">Asset backed securities (ABS) — Student loans</p>
</td>
<td valign="top">
<p class="tbl-norm">0,8 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">ABS — Credit cards</p>
</td>
<td valign="top">
<p class="tbl-norm">1,2 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">7</p>
</td>
<td valign="top">
<p class="tbl-norm">ABS — Auto</p>
</td>
<td valign="top">
<p class="tbl-norm">1,2 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">Collateralised loan obligations (CLO) non-ACTP</p>
</td>
<td valign="top">
<p class="tbl-norm">1,4 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">9</p>
</td>
<td rowspan="8" valign="top">
<p class="tbl-norm">Non-senior and credit quality step 1 to 3</p>
</td>
<td valign="top">
<p class="tbl-norm">RMBS — Prime</p>
</td>
<td valign="top">
<p class="tbl-norm">1,125 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">10</p>
</td>
<td valign="top">
<p class="tbl-norm">RMBS — Mid-Prime</p>
</td>
<td valign="top">
<p class="tbl-norm">1,875 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">11</p>
</td>
<td valign="top">
<p class="tbl-norm">RMBS — Sub-Prime</p>
</td>
<td valign="top">
<p class="tbl-norm">2,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">12</p>
</td>
<td valign="top">
<p class="tbl-norm">CMBS</p>
</td>
<td valign="top">
<p class="tbl-norm">2,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">13</p>
</td>
<td valign="top">
<p class="tbl-norm">ABS — Student loans</p>
</td>
<td valign="top">
<p class="tbl-norm">1 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">14</p>
</td>
<td valign="top">
<p class="tbl-norm">ABS — Credit cards</p>
</td>
<td valign="top">
<p class="tbl-norm">1,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">15</p>
</td>
<td valign="top">
<p class="tbl-norm">ABS — Auto</p>
</td>
<td valign="top">
<p class="tbl-norm">1,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">16</p>
</td>
<td valign="top">
<p class="tbl-norm">CLO non-ACTP</p>
</td>
<td valign="top">
<p class="tbl-norm">1,75 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">17</p>
</td>
<td rowspan="8" valign="top">
<p class="tbl-norm">Credit quality step 4 to 6 and unrated</p>
</td>
<td valign="top">
<p class="tbl-norm">RMBS — Prime</p>
</td>
<td valign="top">
<p class="tbl-norm">1,575 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">18</p>
</td>
<td valign="top">
<p class="tbl-norm">RMBS — Mid-Prime</p>
</td>
<td valign="top">
<p class="tbl-norm">2,625 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">19</p>
</td>
<td valign="top">
<p class="tbl-norm">RMBS — Sub-Prime</p>
</td>
<td valign="top">
<p class="tbl-norm">3,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">20</p>
</td>
<td valign="top">
<p class="tbl-norm">CMBS</p>
</td>
<td valign="top">
<p class="tbl-norm">3,5 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">21</p>
</td>
<td valign="top">
<p class="tbl-norm">ABS — Student loans</p>
</td>
<td valign="top">
<p class="tbl-norm">1,4 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">22</p>
</td>
<td valign="top">
<p class="tbl-norm">ABS — Credit cards</p>
</td>
<td valign="top">
<p class="tbl-norm">2,1 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">23</p>
</td>
<td valign="top">
<p class="tbl-norm">ABS — Auto</p>
</td>
<td valign="top">
<p class="tbl-norm">2,1 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">24</p>
</td>
<td valign="top">
<p class="tbl-norm">CLO non-ACTP</p>
</td>
<td valign="top">
<p class="tbl-norm">2,45 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">25</p>
</td>
<td colspan="2" valign="top">
<p class="tbl-norm">Other sector</p>
</td>
<td valign="top">
<p class="tbl-norm">3,5 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">To assign a risk exposure to a sector, institutions shall rely on a classification that is commonly used in the market for grouping issuers by sector. Institutions shall assign each tranche to one of the sector buckets in Table 7. Risk exposures from any tranche that an institution cannot assign to a sector in such a manner shall be assigned to bucket 25.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325an -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Between two sensitivities <span class="italics">W</span>S<span class="italics">
<span class="subscript">k</span>
</span> and <span class="italics">W</span>S<span class="italics">
<span class="subscript">l</span>
</span> within the same bucket, the correlation parameter <span class="italics">ρ<span class="subscript">k</span>
</span>
<span class="subscript">l</span> shall be set as follows:</p>
<div class="list">ρ<span class="subscript">kl</span> = ρ<span class="subscript">kl</span>
<span class="superscript">(tranche)</span> · ρ<span class="subscript">kl</span>
<span class="superscript">(tenor)</span> · ρ<span class="subscript">kl</span>
<span class="superscript">(basis)</span>
</div>
<div class="list">where:</div>
<div class="list">
<div class="list">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R0876R%2811%29" onclick="window.open(this.href,'_blank'); return false;" title="32019R0876R(11): REPLACED">
<span class="boldface">►C7</span>
</a>
</span> ρ<span class="subscript">kl</span>
<span class="superscript">(tranche)</span> shall be equal to 1 where<span class="boldface"> ◄ </span> the two names of sensitivities k and l are within the same bucket and are related to the same securitisation tranche (more than 80 % overlap in notional terms), otherwise it shall be equal to 40 %;</div>
<div class="list">ρ<span class="subscript">kl</span>
<span class="superscript">(tenor)</span> shall be equal to 1 where the two vertices of the sensitivities k and l are identical, otherwise it shall be equal to 80 %; and</div>
<div class="list">ρ<span class="subscript">kl</span>
<span class="superscript">(basis)</span> shall be equal to 1 where the two sensitivities are related to the same curves, otherwise it shall be equal to 99,90 %.</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The correlation parameters referred to in paragraph 1 shall not apply to bucket 25 in Table 7 of Article 325am(1). The own funds requirement for the delta risk aggregation formula within bucket 25 shall be equal to the sum of the absolute values of the net weighted sensitivities allocated to that bucket:</p>
<p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAA9APcBAREA/8QAHQABAAICAwEBAAAAAAAAAAAAAAYHBQgBAwQJAv/EAEYQAAEDBAEDAwEEAgoTAAAAAAIBAwQABQYHEQgSIRMiMRQJFTJBUWEXGCM2WXF3lrS1FiQ4QlZXWGJ0doGRlZez0tPU4//aAAgBAQAAPwD6p0pSlKUpSlKUpSlK1x3Z15aS0HshvVWdw8t+/pDUd6KEOyE81KR7wHpOKQofu9i8eEJFTnlFrPftoXP8nfdn80P/ALV57h1Yx7VEcnz+nzeDcdrjvIMJceJOVRE9jbhGvlU+EXj5XxytV/dftOenLGchi4zmtr2Dis2S+2wQ3zFH4Xo93ave4jioQigkJKvC+1eeK21adbebF1oxMDRCEhXlFRfhUX9FfulKUpSlRPaD+wYuF3CbrG4Y7Ev0Vsn2Sv0J+VDIQFSICFh1s0VeERCQl7fK9pfFa+dC/UruHqO1hcN1bYewCyY0w9LiNRbXClMPMlH9MjkPyH5Jti0gkfIoCccISmicjUj0FszqW23mdyy24x9et6aWdLbx+4MW24R7ve4aIv08poXXlbBlSVE9QhT1UBTbBAMCrYylKUpSlKUpSlK1i69Oj+09VuqnGLVHjx86x0HZeOzSERV0+1VKE4aqiI06qCnKr7DQS+EJCqT7Mnq0uOd2SZ007jkLE2FgiLCgjMHsfnwWOWzbLn8T8dQ7TVV5IFEvcouFW+3YCeUFE/iSontDU+vNzYjMwbZeKwb9Zpo8GxKDlWy/I2zT3NGn5GCoSfprjU+I5DgGuLHhWUZYWTXCxxfoPvY46suSmWyUWCcFSLl30UbQy7vcaEXCd3CVjHzDfORQdys60u+NSb/iWbnbrJGyG3uORShjZLfISJzHdZISKRINUdMj7UMkVFRBQYZ0jb+6heprQF/2U9K1rasnWe7a7RAC0XD6e3yo5p6oXBCk95qYk2oo0o9iEhL3qqgnd0M9Se3epTH81vWxTwSDLxi8O2BLZYoUwXWZDaIqvOuPPmJtnyqCgIi+wuS/JPLhHUbv/HMB2vt7fMDAJWJa7culvhBiMKc3KukyE4LbrgnJeJtGfU72ePJI4B8qiAqF3ZLn3WTjWlLhvqBK1tk5HYCva4jb4D7X0kZYiuiUa4eu4kt0FJDJFbQHhb7WvTUkVdgdSZFccv1XhuV3iQy/PvWP264SnWQQGzeejNuGQiir2ipEqonPhKkdzecj26U+yXabbLhivHwqCqpUG6dspv2caC1vmeUz1nXm+4nablcJKtg368l6I2bh9oIgjyRKvAoiJz4RKl+U/vbuv+gyP+mVfHrpz111HZj0Hnlus8igFZMGyaTe2cQCKr/9k5NE2cpuchoouNiCIjcZEUXP3RT5L0+36l9OG8cO6h9PWDaOFq0zFuLCNyoIminbpbfAuxTROOFBfjlE7gUDROCSsxqrcWCbntt6u2BT5kpjH71Jx+4JKt78NxmcwIE42rbwifhHA88cef1LXjzHawWXZWK6kx63N3PIsgaeu0sTe9Nq22aMbYyJbnCKSkRuAy0CJ73D5VREDWsdrXf+MZ3d8kxm8fQ43fcdyWRjf3XMu8ZyTLJsGzB5sBLlRcR32pwq8J54XkUmMzYmA28pwT83sEYrY6DE1HrmwCxnT57Qc5P2EvC8IXCrwtdeQbM11idzt1lyjPMetFwvCiNvizrmww9LUu7t9IDJFPntLjhPKpxUWsm9rBIzDPMVy1iLizWET4MFZ9yujAMzvq46vtGCqqIHIeO0l7uULxwiKszn51hVqv0TFrnl9liXmeIlFtz9wZblPoS8IrbREhlyvhOEXlfisLge59ZbMvF+sOEZja7rOxye9bpzMeW2Zo40jfqkIoSkQCTqNqfHb3iQ8+PNYbZ6xcf1flGWWJnXWUZDD13Dg3HMrjAWM23aosvy24APOCcrgEIiRpF7UTj554kWc9RrGJZ5bsAteuMgyGTd4dvlQ5kSZbo0ZTlPOti0f1UlpzuEWu9ewHPBInHPhZG9tJbNuCLqrJ7UMMcigO3DGLi273Nz1jCP1kVwVRPTfbQhdFE5Q2lJU4Vs0qfr8VqJufZmT2XZl8tUT7QrT2vWY7oCGN3WwQX5lvT0xVBecdmiZEXPf5EfBJwiJxUJ/Zgy/wDhV9E/zYtf/v1uXrGZMuGv8fnXDObXmUiRb2XTv9sYBmJc+4eUkNA2ZgIEioqIJEn66k3z4r5r/aVdM+R6/wAngdcehHjtWRY3KYlZI3GJQUuxeAn+TRCThAZdbRPeBIqp+PneTp52Xftw6XxLZOT4dOxe6322tyZdtltK2rbnwptiqqXomqd7fcvcrZgqoi81YtcF+Ff4qpvQCc5lvb+Uov6hs9adQ8xu3Sr1EdRWhsddCLL2dFi5PrtkiAe67XF4YnpsjxyXD0lTUe0lRuEZcF2r3fiJc7N9nz1XZriNkaQ8YzvWse62GCC9hSb3bmVZZZREUuTeNp/+9VVJ9OOeF7ts5+vtea16QX9ebpeefx5nHFiZTKbbN11+RJXmXIFB7y9QpLxuIqdyoSovK8c1rBf+nTrY6P8AB5l30n1CQs+1vh8V+4u4bk9tQnHYDYmT0UF7TUxRsfANuNcqpdoovgtg8Q6nLnec00DjuP4Labfhu4cTm3eKX1JjKtjkOGD6x0ZEEa9JBdZESRfPu9o9qc7EXchK0TVEkX+13fhf8xarXpK/uWtQf6i2L+gtVMdjYxkeYYtIsOMZvJxWZIIUW4R4EeYaN+UMPTkCQe5F4545T8qqTpe6UJPS7jUzBsa23erxjTwyHYtvn2uEKxZjqgqyEdAEcNUQOOwlUfPx4SsJobowuvT/AJzeMwxbfOSvwcluJ3W+2A7Tb2rbMfLuVSBpttEjLyXHLPb7UQfhERKw1DA2nBsfVNm2A7TXHVsez8pmQ7c5Zo0qO9Ljx4zxFJcdFXFbcARa7W1bUU5JFJVTie69z7IMt2BqTqVumG3CLYNo4AxjswY0J58rNdnJIyo/qoidwxHu94BkKPaiiypKIuIVePYHSRsDMj2FiMV3C4lk2TmcPKpOUAjwX61NRjhmDDQekouucxjQHFeBGkdP2lzXR1H9HmdbFvm1J+uYuAkxtTGbda5K3oXI5W6dEecL6oRaYcR9xwHiRHCUCBQT8aLwmYunTDsOLsbMcwtlr1hksXYcGxtT28ogPyCscm3MtgH04IKpKj+owDoskTKo6qGpe3hcdsno+2Bm+5b9uZnI8afkLdbXcLPYbwD82ySBjRDhu/XQ1DtJ42XSIHwXuaIREeUUlXwbC6Jcsy3ZWYZe3e40mPnVxtF2dM8lukD7lkQwbRO2LG4CcgE0jjCmbJNGS89yeFs7TOicq1dubO8mS24Kxi2SXCbdYki3wVC7kchIiJFdL00EGWljOnwBkjhPoqiKhyWJ6jNM9Qe38lGBYclwRMBjxh7MfvDE4hnTkIHAkTUYUUkNNGHtikvpH8uofPakZ6ielrau3JOTWu3pr+5M5dabVbI2RXmN6VyxFIhKT30INRiJ8XTI3R5faVszJPI8VYeV27IMv6ltcW2zWuStn1tCuN6v12fYMGDkzIZQ4cRg1Xhx1RN95xERfTEW+VRXURb1qK3PVOsb1Pfut411jE6bJLvekSbPGddcL9JGQKpL4Tyq15f2FdP/AOKrD/8AgMT/AMdSq22y22aAxa7RAjQocUEbYjxmhaaaBPgRAURBT9SJXZLlxoEV2bNkNsMMATjrrpoIAApypES+ERERVVV8IiVp7ZYU3r22LFzS9wrlA0PgNz9XH4bhKAZxdGnOPrnRRfMFgm/3IeOHFMlVfBAO46JxRVRPmsPimXY5nVgaybE7o3crXIcfaZlNCSA6rLpsmo9yJ3D3tmiEntJEQhVRVFWtOn/9+e9f5Si/qGz10bB6XcS2B1Ga76ip0wWrngUSbG+kWN3pOJ0V+nNT7kQFYI3iT2lypp5HtRa7N19MGH7v2Vq3ZGQzCZkaxvDt0ZYRhHEmiQiQtEqr7EF9phznguexR8dyEMq3tqsN2ahynVDl8Kzhk9vO3lOGP65MIRCqkgdw9y+PjuT5qsLp06b5u2ES9TzOqeQ7iE2MtsclOYoyuRrb1BANn7xF9GVcIOQ9dYvfwSr+P31UPVFhmUY1uHp21r06zGcXuGL4/klnttyl2WVOgWkJUFiNDR02xUBNwmDETNVQSTvISTgSsLoeDW9q0bPw7D9VXPAsgsLSx8qgz4MgTk3EQNspQy3RQZgOK0ZCYKvaKoiiHhFtDpL8dLWoOf8AAWxf0FqrYpXC+fC1UF46TNDXu9Xa+SsLcZPIpLky/wAWHdZkaHfHTMjVbhGadFqYiEZKguiSJyqcceKtmFBhW2GxbrdFaixYrYssMsggA22KIgiIp4RERERETwiJXfSlKUpSuOPzrmlKVpX16wuqXZsi16j1ZoS8ZJrsnmJmVS4mUQ7U7fGk5Vba2Zueo0z8eqSgqmqII8IikXZZd9ddGOWeDYLH9nPHhW62xmokSMzsW3i2yy2KCACnb4RBRET+Kvb+2T6/f4PYf+Y9v/7apPb14+1p3tbi16mlbXrrHL4QQbnKtF1hHJSM4ao53PnLIxDsJO5GhElQVTnglGvolg2G2TXuGWTBcbiBGtVgt7FthtAnCCy0CAP+3hOV5XnlVr0WTFrBjku8zrJa2Yj+QXD70uRt88yZXotMeqXK/i9JhkfHCcAlZWlKVxwirz5/31+XWW3mjZdHuBwVEkVfCoqcKlY/GscsmHY7a8Txq3NW+0WWGzb4ERrnsYjtAgNtjyqrwIiiJyv5Vk6UpSlKUpSlKUpSlccIv5VXPUPsq/6c0xlm0caxqDfpeL287mcCXOKG24w1wTyo4LZr3I2hKI8e5UROU55qY4peSyPGbRf3YoxzucCPMVoV7kBXGxNRQuE547uOePyrK8J+hK5pSlKUpSlKUpSlKUpSlKUpSlUj1sSmY/SjtOO4RerPxidAitg0bhvSHm1baaAQRSUiMkROE/PleE5Wta+my42y2dQNivXUPbmbrmORY3aHNc5JZo05LNHt6xvpzt/oFysaWjnrqTkjlTQiRFaTgF+gKfHiuaUpSlKUpSlKUpSlKUpSlKUpXCpynFO1PHz4/Wtc0pSlKUpSv//Z" width="247" height="61" alt="image"></p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325ao -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The correlation parameter <span class="italics">γ<span class="subscript">b</span>
</span>
<span class="subscript">c</span> shall apply to the aggregation of sensitivities between different buckets and shall be set at 0 %.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The own funds requirement for bucket 25 shall be added to the overall risk class level capital, with no diversification or hedging effects recognised with any other bucket.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325ap -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Risk weights for the sensitivities to equity and equity repo rate risk factors shall be specified for each bucket in Table 8 pursuant to the delegated act referred to in Article 461a:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-7e33b93e-5c88-42ae-939b-3dd8a9e05218">
<span class="italics">Table 8</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="1%"><col width="11%"><col width="12%"><col width="43%"><col width="17%"><col width="16%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Bucket number</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Market capitali-sation</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Economy</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Sector</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight for equity spot price</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight for equity repo rate</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td rowspan="8" valign="top">
<p class="tbl-norm">Large</p>
</td>
<td rowspan="4" valign="top">
<p class="tbl-norm">Emerging market economy</p>
</td>
<td valign="top">
<p class="tbl-norm">Consumer goods and services, transportation and storage, administrative and support service activities, healthcare, utilities</p>
</td>
<td valign="top">
<p class="tbl-norm">55 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,55 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">Telecommunications, industrials</p>
</td>
<td valign="top">
<p class="tbl-norm">60 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,60 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">Basic materials, energy, agriculture, manufacturing, mining and quarrying</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,45 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">Financials including government-backed financials, real estate activities, technology</p>
</td>
<td valign="top">
<p class="tbl-norm">55 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,55 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5</p>
</td>
<td rowspan="4" valign="top">
<p class="tbl-norm">Advanced economy</p>
</td>
<td valign="top">
<p class="tbl-norm">Consumer goods and services, transportation and storage, administrative and support service activities, healthcare, utilities</p>
</td>
<td valign="top">
<p class="tbl-norm">30 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,30 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">Telecommunications, industrials</p>
</td>
<td valign="top">
<p class="tbl-norm">35 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,35 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">7</p>
</td>
<td valign="top">
<p class="tbl-norm">Basic materials, energy, agriculture, manufacturing, mining and quarrying</p>
</td>
<td valign="top">
<p class="tbl-norm">40 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,40 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">Financials including government-backed financials, real estate activities, technology</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,50 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">9</p>
</td>
<td rowspan="2" valign="top">
<p class="tbl-norm">Small</p>
</td>
<td valign="top">
<p class="tbl-norm">Emerging market economy</p>
</td>
<td valign="top">
<p class="tbl-norm">All sectors described under bucket numbers 1, 2, 3 and 4</p>
</td>
<td valign="top">
<p class="tbl-norm">70 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,70 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">10</p>
</td>
<td valign="top">
<p class="tbl-norm">Advanced economy</p>
</td>
<td valign="top">
<p class="tbl-norm">All sectors described under bucket numbers 5, 6, 7 and 8</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,50 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">11</p>
</td>
<td colspan="3" valign="top">
<p class="tbl-norm">Other sector</p>
</td>
<td valign="top">
<p class="tbl-norm">70 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,70 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">12</p>
</td>
<td colspan="3" valign="top">
<p class="tbl-norm">Large market cap, advanced economy indices</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,15 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">13</p>
</td>
<td colspan="3" valign="top">
<p class="tbl-norm">Other indices</p>
</td>
<td valign="top">
<p class="tbl-norm">25 %</p>
</td>
<td valign="top">
<p class="tbl-norm">0,25 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purposes of this Article, what constitutes a small and a large market capitalisation shall be specified in the regulatory technical standards referred to in Article 325bd(7).</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For the purposes of this Article, EBA shall develop draft regulatory technical standards to specify what constitutes an emerging market and to specify what constitutes an advanced economy.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 June 2021.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">When assigning a risk exposure to a sector, institutions shall rely on a classification that is commonly used in the market for grouping issuers by sector. Institutions shall assign each issuer to one of the sector buckets in Table 8 and shall assign all issuers from the same industry to the same sector. Risk exposures from any issuer that an institution cannot assign to a sector in such a manner shall be assigned to bucket 11 in Table 8. Multinational or multi-sector equity issuers shall be assigned to a particular bucket on the basis of the most material region and sector in which the equity issuer operates.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325aq -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The delta risk correlation parameter ρ<span class="subscript">kl</span> between two sensitivities <span class="italics">W</span>S<span class="italics">
<span class="subscript">k</span>
</span> and <span class="italics">W</span>S<span class="italics">
<span class="subscript">l</span>
</span> within the same bucket shall be set at 99,90 % where one is a sensitivity to an equity spot price and the other is a sensitivity to an equity repo rate and where both sensitivities are related to the same equity issuer name.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">In other cases than the cases referred to in paragraph 1, the correlation parameter ρkl between two sensitivities <span class="italics">W</span>S<span class="italics">
<span class="subscript">k</span>
</span> and <span class="italics">W</span>S<span class="italics">
<span class="subscript">l</span>
</span> to equity spot price within the same bucket shall be set as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">15 % between two sensitivities within the same bucket that fall under the category large market capitalisation, emerging market economy (bucket number 1, 2, 3 or 4);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">25 % between two sensitivities within the same bucket that fall under the category large market capitalisation, advanced economy (bucket number 5, 6, 7 or 8);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">7,5 % between two sensitivities within the same bucket that fall under the category small market capitalisation, emerging market economy (bucket number 9);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">12,5 % between two sensitivities within the same bucket that fall under the category small market capitalisation, advanced economy (bucket number 10);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">80 % between two sensitivities within the same bucket that fall under either index bucket (bucket number 12 or 13).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">The correlation parameter <span class="italics">ρ<span class="subscript">kl</span>
</span> between two sensitivities <span class="italics">WS<span class="subscript">k</span>
</span> and <span class="italics">WS<span class="subscript">l</span>
</span> to equity repo rates within the same bucket shall be set in accordance with points (a) to (d) of paragraph 2.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Between two sensitivities <span class="italics">W</span>S<span class="italics">
<span class="subscript">k</span>
</span> and <span class="italics">W</span>S<span class="italics">
<span class="subscript">l</span>
</span> within the same bucket where one is a sensitivity to an equity spot price and the other a sensitivity to an equity repo rate and both sensitivities relate to a different equity issuer name, the correlation parameter ρkl shall be set to the correlation parameters specified in paragraph 2, multiplied by 99,90 %.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">
<p class="norm inline-element">The correlation parameters specified in paragraphs 1 to 4 shall not apply to bucket 11. The capital requirement for the delta risk aggregation formula within bucket 11 shall be equal to the sum of the absolute values of the net weighted sensitivities allocated to that bucket:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="247" height="61" alt="image"></p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325ar -
<p class="norm">The correlation parameter <span class="italics">γ<span class="subscript">bc</span>
</span> shall apply to the aggregation of sensitivities between different buckets.</p>
<p class="norm">It shall be set in relation to the buckets of Table 8 in Article 325ap as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">15 % where the two buckets fall within bucket numbers 1 to 10;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0 % where either of the two buckets fall within bucket number 11;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">75 % where the two buckets fall within bucket number 12 and 13;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">45 % otherwise.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325as -
<p class="norm">Risk weights for sensitivities to commodity risk factors shall be the following:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-a8130ad7-562a-4fbe-9ce6-d40e9c6c65da">
<span class="italics">Table 9</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="20%"><col width="63%"><col width="17%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Bucket number</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Bucket name</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weight</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">Energy — solid combustibles</p>
</td>
<td valign="top">
<p class="tbl-norm">30 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">Energy — liquid combustibles</p>
</td>
<td valign="top">
<p class="tbl-norm">35 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">Energy — electricity and carbon trading</p>
</td>
<td valign="top">
<p class="tbl-norm">60 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">Freight</p>
</td>
<td valign="top">
<p class="tbl-norm">80 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">Metals — non-precious</p>
</td>
<td valign="top">
<p class="tbl-norm">40 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">Gaseous combustibles</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">7</p>
</td>
<td valign="top">
<p class="tbl-norm">Precious metals (including gold)</p>
</td>
<td valign="top">
<p class="tbl-norm">20 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">Grains and oilseed</p>
</td>
<td valign="top">
<p class="tbl-norm">35 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">9</p>
</td>
<td valign="top">
<p class="tbl-norm">Livestock and dairy</p>
</td>
<td valign="top">
<p class="tbl-norm">25 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">10</p>
</td>
<td valign="top">
<p class="tbl-norm">Softs and other agricultural commodities</p>
</td>
<td valign="top">
<p class="tbl-norm">35 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">11</p>
</td>
<td valign="top">
<p class="tbl-norm">Other commodities</p>
</td>
<td valign="top">
<p class="tbl-norm">50 %</p>
</td>
</tr></tbody></table></div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325at -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">For the purposes of this Article, any two commodities shall be considered distinct commodities where there exist in the market two contracts that are differentiated only by the underlying commodity to be delivered against each contract.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The correlation parameter <span class="italics">ρ<span class="subscript">k</span>
</span>
<span class="subscript">l</span> between two sensitivities <span class="italics">W</span>S<span class="italics">
<span class="subscript">k</span>
</span> and <span class="italics">W</span>S<span class="italics">
<span class="subscript">l</span>
</span> within the same bucket shall be set as follows:</p>
<div class="list">ρ<span class="subscript">kl</span> = ρ<span class="subscript">kl</span>
<span class="superscript">(commodity)</span> · ρ<span class="subscript">kl</span>
<span class="superscript">(tenor)</span> · ρ<span class="subscript">kl</span>
<span class="superscript">(basis)</span>
</div>
<div class="list">where:</div>
<div class="list">
<div class="list">ρ<span class="subscript">kl</span>
<span class="superscript">(commodity)</span> shall be equal to 1 where the two commodities of sensitivities k and l are identical, otherwise it shall be equal to the intra-bucket correlations in Table 10;</div>
<div class="list">ρ<span class="subscript">kl</span>
<span class="superscript">(tenor)</span> shall be equal to 1 where the two vertices of the sensitivities k and l are identical, otherwise it shall be equal to 99 %; and</div>
<div class="list">ρ<span class="subscript">kl</span>
<span class="superscript">(basis)</span> shall be equal to 1 where the two sensitivities are identical in the delivery location of a commodity, otherwise it shall be equal to 99,90 %.</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The intra-bucket correlations ρ<span class="subscript">kl</span>
<span class="superscript">(commodity)</span> are:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-18e7d898-2a54-499a-b7be-8f19b73dc0de">
<span class="italics">Table 10</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="14%"><col width="42%"><col width="45%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Bucket number</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Bucket name</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="hd-column">Correlation</p>
<p class="hd-column">ρ<span class="subscript">kl</span> (commodity)</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">Energy - solid combustibles</p>
</td>
<td valign="top">
<p class="tbl-norm">55 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">Energy - liquid combustibles</p>
</td>
<td valign="top">
<p class="tbl-norm">95 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">Energy - electricity and carbon trading</p>
</td>
<td valign="top">
<p class="tbl-norm">40 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">Freight</p>
</td>
<td valign="top">
<p class="tbl-norm">80 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">Metals – non-precious</p>
</td>
<td valign="top">
<p class="tbl-norm">60 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">Gaseous combustibles</p>
</td>
<td valign="top">
<p class="tbl-norm">65 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">7</p>
</td>
<td valign="top">
<p class="tbl-norm">Precious metals (including gold)</p>
</td>
<td valign="top">
<p class="tbl-norm">55 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">Grains and oilseed</p>
</td>
<td valign="top">
<p class="tbl-norm">45 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">9</p>
</td>
<td valign="top">
<p class="tbl-norm">Livestock and dairy</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">10</p>
</td>
<td valign="top">
<p class="tbl-norm">Softs and other agricultural commodities</p>
</td>
<td valign="top">
<p class="tbl-norm">40 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">11</p>
</td>
<td valign="top">
<p class="tbl-norm">Other commodity</p>
</td>
<td valign="top">
<p class="tbl-norm">15 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Notwithstanding paragraph 1, the following provisions apply:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">two risk factors that are allocated to bucket 3 in Table 10 and that concern electricity which is generated in different regions or is delivered at different periods under the contractual agreement shall be considered distinct commodity risk factors;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">two risk factors that are allocated to bucket 4 in Table 10 and that concern freight where the freight route or week of delivery differ shall be considered distinct commodity risk factors.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325au -
<p class="norm">The correlation parameter <span class="italics">γ<span class="subscript">b</span>
</span>
<span class="subscript">c</span> applying to the aggregation of sensitivities between different buckets shall be set at:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">20 % where the two buckets fall within bucket numbers 1 to 10;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">0 % where either of the two buckets is bucket number 11.</p>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325av -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">A risk weight of 15 % shall be applied to all sensitivities of foreign exchange risk factors.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The risk weight of the foreign exchange risk factors concerning currency pairs which are composed of the euro and the currency of a Member State participating in the second stage of the economic and monetary union (ERM II) shall be one of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the risk weight referred to in paragraph 1, divided by 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the maximum fluctuation within the fluctuation band formally agreed by the Member State and the European Central Bank, if that fluctuation band is narrower than the fluctuation band defined under ERM II.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Notwithstanding paragraph 2, the risk weight of the foreign exchange risk factors concerning currencies referred to in paragraph 2 which participate in the ERM II with a formally agreed fluctuation band narrower than the standard band of plus or minus 15 % shall equal the maximum percentage fluctuation within that narrower band.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">The risk weight of the foreign exchange risk factors included in the most liquid currency pairs sub-category as referred to in point (c) of 325bd(7) shall be the risk weight referred to in paragraph 1 of this Article divided by √2.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Where the daily exchange-rate data for the preceding three years show that a currency pair composed of euro and a non-euro currency of a Member State is constant and that the institution is always able to face a zero bid/ask spread on the respective trades related to that currency pair, the institution may apply the risk weight referred to in paragraph 1 divided by 2, provided that it has the express permission of its competent authority to do so.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325aw -
<p class="norm">A uniform correlation parameter <span class="italics">γ<span class="subscript">b</span>
</span>
<span class="subscript">c</span> equal to 60 % shall apply to the aggregation of sensitivities to foreign exchange risk factors.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Sub-Section 2 -
Vega and curvature risk weights and correlationsArticle 325ax -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Vega risk factors shall use the delta buckets referred to in Subsection 1.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The risk weight for a given vega risk factor k shall be determined as a share of the current value of that risk factor k which represents the implied volatility of an underlying, as described in Section 3.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The share referred to in paragraph 2 shall be made dependent on the presumed liquidity of each type of risk factor in accordance with the following formula:</p>
<p class="container-center">
<img 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" width="675" height="69" alt="image"></p>
<p class="norm inline-element">where:</p>
<div class="list">RW<span class="subscript">k</span> = the risk weight for a given vega risk factor k;</div>
<div class="list">RW<span class="subscript">σ</span> shall be set at 55 %; and</div>
<div class="list">LH<span class="subscript">risk class</span> is the regulatory liquidity horizon to be prescribed in the determination of each vega risk factor k. LH<span class="subscript">risk class</span> is determined in accordance with the following table:</div>
<div class="list">
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-9098b941-4757-496a-bb1f-7163c5920d1d">
<span class="italics">Table 11</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="76%"><col width="7%"><col width="17%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk class</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">LH<span class="subscript">risk class</span>
</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Risk weights</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">GIRR</p>
</td>
<td valign="top">
<p class="tbl-norm">60</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">CSR non-securitisations</p>
</td>
<td valign="top">
<p class="tbl-norm">120</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">CSR securitisations (ACTP)</p>
</td>
<td valign="top">
<p class="tbl-norm">120</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">CSR securitisations (non-ACTP)</p>
</td>
<td valign="top">
<p class="tbl-norm">120</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Equity (large cap and indices)</p>
</td>
<td valign="top">
<p class="tbl-norm">20</p>
</td>
<td valign="top">
<p class="tbl-norm">77,78 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Equity (small cap and other sector)</p>
</td>
<td valign="top">
<p class="tbl-norm">60</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Commodity</p>
</td>
<td valign="top">
<p class="tbl-norm">120</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Foreign exchange</p>
</td>
<td valign="top">
<p class="tbl-norm">40</p>
</td>
<td valign="top">
<p class="tbl-norm">100 %</p>
</td>
</tr></tbody></table></div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">Buckets used in the context of delta risk in Subsection 1 shall be used in the curvature risk context unless specified otherwise in this Chapter.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">For foreign exchange and equity curvature risk factors, the curvature risk weights shall be relative shifts equal to the delta risk weights referred to in Subsection 1.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">For general interest rate, credit spread and commodity curvature risk factors, the curvature risk weight shall be the parallel shift of all the vertices for each curve on the basis of the highest prescribed delta risk weight referred to in Subsection 1 for the relevant risk class.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325ay -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Between vega risk sensitivities within the same bucket of the general interest rate risk (GIRR) class, the correlation parameter ρ<span class="subscript">kl</span> shall be set as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="526" height="53" alt="image"></p>
<p class="norm inline-element">where:</p>
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<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAArAKIBAREA/8QAHAABAAIDAQEBAAAAAAAAAAAAAAYHBAUIAQMJ/8QALBAAAQQCAgICAgIBBAMAAAAAAgEDBAUGBwARCBITIRQiFTEWCRcjMjNBcf/aAAgBAQAAPwD9U+OR7KM/w/DLCiqckvGYc7J7AauojKJG9MkqKl6AAIpdCIkREqIICnZKiffJAi9p2nPeecwZ99SVc2DXWdxBiS7NwmYTD8gG3JLgj7KLYkqKaon2qD2vX3zP4444455z3jmBEv6OdazaOFcwZFjWi2U2G1JA34yOIqtq42i+wISIqp7InfS9czv74Vev75H8Gz/ENlUAZPhN4zaVxPvRldASAm32jVt1pxs0E23AMVEgMUJFT7Tkh445zlr6wLOPNfbUm3AiLWWO4/j9KCn7A2FmDk2W8idfqZk1HbXrvsWB+/8A0kSkeVu4Z2h8u8pKDGMRDC6GdMKtoZyyUs51bClHFkuOSmzVph43GnCbBGTFEREIl79ubip8g9yZ7v6DrbAW8HjYtfa+r9i1tlaQprk1mFJc+FGHWgeEDcVxFLtCBBFUTolT7pTaXkfvfZFHhtDXuYhjGSY1u6lwPKYbYy5LMi0alI/HeZcFwD/Ac9BU2yRHVUTD29e/a4tlzrhdzeOrWzcU1jls2feWcBLSNXyfnqrFmO88TsEjeJARPxmgIXPYkcb7+lEfXFkeUu47DSmd+SuOYziDWHYtOn/xlHPWStjYwK982Jbjkps1bjumbTqtgjLiIiIhEvftwnkvvLON+YnrXVVPhP8AjGbYJC2DDtLeLNKVW17qiBA+206IuuE4qIPqraJ7p2qqPRWN4pb7vfIzRjGwZtPAqcgCZYVMtln3OF+XGeJtHG+y+RWyT4y6VfZOyTtekJedLHzb8mMa0bme/ciwrXZ02D5eeJnBZbsGnrpWpoxnpDDpOKMdvs0EfYXV9m3O0T6Rbco/JTZtLvHI9FbEqcOftoeulz2um1r78OC0ovG0cWS9JMuh7+NfnQQRB9lUE/pIvpLzUzHYeaa8xW8qKN0M5x+0ny5UKtnRItRMggBGgSpBkxPjl8oJ8rBdCv12XaLz7eL2R+QdrtjbruaZhgD0NjPHqic0EKa28cpqmiowEFDfUAaRBbIgISMvV4u+1RU0uc+ZG7sO8T8t3ylJgsi8wXNZuL2URY81Ik1lieMJHGE+X3bJXDQ/3JU9UVOu1TkrzzevlO55A2mldRYprazAMKjZrDkXLs1ggaN0mPxHVA1EnTdbNQNEEBFU9vtPuNSMjzCq2X5WSMJxHXFDnGKU1PZBkjdbJN6fCfiSnkCSny9E823HBEIegI0RSEkRETdaRyjyXqfDWhyPH5OA5LkcHBKO4oKso878mTE/C9yblkT6kch1AQQcH1BXBc+lTrrdaZ8jNm7vv9eJhMzBbCissRYyXM3whTRdrnXZBtNxGf8AmURdNW3x9D9lH8R0lVUNtFzMPMsO8987w2oFArc115V5nYN9qgjZsTXYHyAKfXbjIt+6r9qrYffOlORPa2y8Z05rrIdn5i863T43BcnyvhFCdNB/6ttoqoimZKICiqiexJ2qJ9854115r7Ct7uln7b8X8s15gmXWDNdQ5PNltviDr4t/jJOYEUOKLpGgi4X6IRCP3+xJO5uD5Nrjygd21jlO5ZYtsutg0GUtQwVZECziKaQbExT/ALsE0ax3FT7bX4jX9ENR+N34Za2t491jcXJsvqMGyWeVncYXXWQM1Et8jE3ERPjV9hpwkInGWXQbNTXtPpESutgaW27kfmZFzTFKPOMMw+DgsfDomUY1a0wI24klyQZHEkm4rkYW3fiQVYUxdBDAehE+WfN8PNUvavja0rZWQ1pQ8kDM2b5mxVy1/wAgElL+ScecEhdeUl+0MFBU6RBREREyy8WcRdkYDNk5tmz0zXdhLtq2SVsKHImynnHJL8hEa6dVz5nQUekFAcIRREXmrvvDTXNy1kGPwspzCkwrLZx2V9h9XZAxVTnzISc6T41ejtuEJK42w62DnsvsnX1yRyfG3EV2qO4KnJcop7pnHhxaMzXz224carHokjtsK0QiiOIjiL/aEiffSdczdG6Aw/x9wyVgeBWt6VXIlPTRSxmDJdZfd+3DE1BF7IuiX29k7T/73X9j4M6vuNW2mm7bMc+mYtc3RX86K9eCpvTCcV0yVz4ff1J5UdUe+vdEJET773V14g63yfO7jYeVXuVXFpf4q7hVkMuxbVh+ocBENj4xaFA7NPl9h6X5O1/pVTkYleA+r7uox2hy/O9h31fiUN6npY8i8GOEWndQBcrS/Hab+ZggbbAlc9nCEART/VOTio8YsPodwz9uVGTZPH/lLb/IZlAk4Cq3rb8RyJ+YoKCuIXwvGnojnxqvoXr2AesLzbwR15m9HmOFStg53Aw3Nrd3ILHG4U+OEILN10HXH21JhXkRTbE0ZJxWkP8Af09vvk8x3xyx7HNpx9wt5vmc7IGaKPjbhTbRt1l+vZ/YGnG/iRFX5PZ1SRUJTM176JU59K3xwwiBnmwM+etsinStmwBrMghyrH2iPRgbJpoG2xAVb+Ns3AFRLtEcLvtV75Ecb09knjFi7S6erck2a64/UUa193exmTqsejOvqLcRVBts1YGS70LhIbnYoR/oKczfEfRH+y2E3trb43Fpcoz3ILDKLmBHdB0K9ZEhw2IAGH6qDDRCH6/r7k6Q/RcaYxPJcs3JnHkbmlBIp/5SJHxHEoM6L8M1iiiOuOm+8K/sBSpLhuoBIhC2DPsiL2nL35zV/qEW83H/AByfvK6ogW0mBlONSWq+wcQIkwwt4yiy+SqiI0aogkqqidKqqvK0vdj+SvlhkFLptjxmyPV2MRLWus8zv8nNFH1hy25CxIHQoMn3cYBEdFV7Re1EE/ZZ/h2+Z2B7n8kI+69nimDa+kYzJrX50Rlluqaso5mrPbDaG4PyE0CEfsS9J2vaqq7V3clzf+TGq67C84dm4Fm+H3tuUL8FsG3nIxxkZeQzbR9P/Kf0qon9fXOjOOOOOOOOOOOOOOOeddf1z3lZ+SmoXt86MzHUsW1brZOR1xR48p1v3baeExcbU0T79fYBRevtEVevvrkq15V5RSYJj1Pm1rHtMggVcaNZzY6GjcmSDQi44Puql0RIpft9/f3zifaPi3vXON+bb3FQUlhVyWZuPX2DxpFxDeqL2bUs/CrVjDRzvpztVaMlRW0UlX1JfVbXSp3rlvkJqTbWSaPk00Wkxq4qb9trIq+UkKVNdaQVb6cEnmxSMhKqIhero9CpCQ86j44444444444444444444444444444444444445//9k=" width="162" height="43" alt="image"></p> shall be equal to <p class="container-center">
<img src="data:image/jpg;base64,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" width="144" height="50" alt="image"></p> where α shall be set at 1 %, T<span class="subscript">k</span> and T<span class="subscript">l</span> shall be equal to the maturities of the options for which the vega sensitivities are derived, expressed as a number of years; and</div>
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<img src="data:image/jpg;base64,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" width="197" height="43" alt="image"></p> is equal to <p class="container-center">
<img src="data:image/jpg;base64,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" width="159" height="64" alt="image"></p>, where α is set at 1 %, <p class="container-center">
<img src="data:image/jpg;base64,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" width="41" height="39" alt="image"></p> and <p class="container-center">
<img src="data:image/jpg;base64,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" width="41" height="39" alt="image"></p> shall be equal to the maturities of the underlyings of the options for which the vega sensitivities are derived, minus the maturities of the corresponding options, expressed in both cases as a number of years.</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Between vega risk sensitivities within a bucket of the other risk classes, the correlation parameter ρ<span class="subscript">kl</span> shall be set as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="430" height="53" alt="image"></p>
<p class="norm inline-element">where:</p>
<div class="list">
<p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAArAGQBAREA/8QAHQABAAIDAQADAAAAAAAAAAAAAAYIBAUHAQIDCf/EADAQAAEEAQQCAQMCBAcAAAAAAAECAwQFBgAHERIIIRMUIjEWQQkVIzJCUVJhcYGR/9oACAEBAAA/AP1T01Hsnz/D8NsKGpyS8ZhzsnsE1dRFKVLemSSkqKEIQCrhKUlSlEBKEjlRA961j+9ezkZ2QxI3Yw1pyKCX0LvoiS1x+ewLn2/962zee4O7ipzlrMaNeOJbU6bhNiyYQQFdSr5+3x8BQ6k9vz6/Oo2vyH2DbX8bm92AJX/pOTQQf/Pl1tbPdvaulRCduNy8UgosWG5UNUm6jNCQyv8AscbKljuhXB4UnkH9tb83dMmn/UJtoQqxH+r+u+oR9P8AB17fL8nPXp199ueOPfOoWPIfYIpUsb34B1R6Uf1NB4H/AD/V1LscynGcwq0XeJ5FWXVc4pSEy66Y3JZUpP5AW2SkkfuOdfVjeZYrmBtU4tkMC1NHZPU9l9I+l36Sc0ElyO5x/a4kLQSk+x2H+esetz/D7fMbjb+BeMryKhYjyp9epK0OtsPglp0BQAcbVwod0FSQpJSSFAjUh001XPb2erOPNfdyTbpUpW2WO4/j1Kgr7Ibbsm3J0t5I4+1bim46DxzylhPv9hBdlIMCb/EI8oIcyFGfjvU2JtutuNJUhaVQEhQUCOCCPRB189u8axnBvOvPtncEr4asGyXBImU5FQpS2qBAuVTVNBSWCkpbLrPVam08Alfcg+uK8+EEXLJu0m2FAxsPj07EbfcCzgXuSPRYVi4/CKZpVGciqjqWw18iGkl5SwB1SkenANdC3tqMErZPiRiGFXjuR4/j+7KqONKmRxwERZCmzHRyhKVtMKT8KFJBSUspIUo/cbjbu41h26eKWmxOQXzkB7M6WYgNRQkyDEbUyh9xAUlSOEqfZSew4/qAarDvht9gNf58+M9FBwjHY9dKrsr+eI1VR0Mu9IB6dkBHVXX/AA8g8ftxrteYwce8Ttpt0s/wWucecs5b1/WULbALH83kMMRWIkZloBQS/KQ2opSCouPuED2BqrnhfkdVsZ5MzdnI99kllj+6WOxLmPY39FY1AdymG11skMomtNqcW8kl9Shz+W08k/mwnlcv9I7nePm51OkJt1biR8NdVyUperbWM+mQ2sp9qAVHacSD67oB1ZJPtIP+2oputuZjGze3OQ7n5i863T43BcnSgykKdcCfSW2wSAVrUUoSCQOyhyQPeq87c+a24Vvd0k7dzxfyvbvBcvsGa6hyabLbfSh18N/TCcwEhcVLqlhKXFfZ2UlPv2oTqZhGTbceUD27OOU7lji25lbBocobhoJkV9nEKxBsFpH97CmlmM4QOWz8Sz9gWU5Vb4rY1TZzmO5NNuNnsHJM8aaYup7Vmx8jrbSChlKAqOQz8aDwko6kcD3zrdbeeOGAbW0+QxsOk3Ua9yxZeu8pfnfU3U93sspcdkupVyUBakoHXqkH0Ofeo5hHiPjG2m36dsdv9z9xqCgRIclpahXLKXkuuOfItQfMcu/crkkduPZ1iyPCrbJ6t29qmsozViNtjLXZY8lNwlRbnLfU+qU6VtKL7pWs+18jj1x7VzKsJ8dcbw7dWZvLIzLM8iyaXVP0oevLj6lmPDdfbfU0yylCEND5GkEBIAHsawMz8XsXzjdql3ptM7zhjJMa+ZNIqLatoj1yHkdHkNMlkpIWk8K79iRxyfQ1vd2Ni6DeGTjL+R5TlMJGK2LNtDYq7IRmnJrK0qaeeSEH5FIKeU8+gSSBzwRhbweOeIb0ZJiOWZDkGT1lng0p2bSv01kIqo8hzr2cJ6KKuUoCSknqU8gg8nUZz3D8o3Z34wPHJlNMTg+1chGWT7OwjAC2vfgW1AZjq4T2+BLrr7q0joFqaQPYUB3sDgcarV/EIt5uP+Ojt5XVEC2kwMqxqS1XWDgREmLRbRill9RIAbWQEqJIABJOubXm4/kr5YZDS7OMeM+R7XYvDta60zO+ydYKesOW3JMSBwkJk93GEAOpJ5B5IQPuM+w7fmdgW83khH3s3PSMG29lYzIrX50RlluqZso61lnlhsLcT8i2kBS+yjwOTySTtnN47q/8mdra3DM4dm4Fm+G3twYX0TaG3nYy4qWXgtbYfHp1f2kgfj1qxemmmmmmvOP317rmXkttA9v1sXmO0kW1brJORVxjx5Trfdtp5K0uNlYHvr2bSDx7AJ498alm3tXk9LgmPVGa2se0yCDVxo1nNjhYakykNJS44kLJVwpQJ+73796pNuh4t77Zvv5u3vHQUlhVyWp2PX2ERZFxDeqL2bUshktWMMOc/wBQFRacUQWwVE9VHqesJqd9cs8htpd2sk2Qk00Slxm3qL9trIq+UIUqa611LfDiVPNJEYKKgArq6nhJUlSdWi0000000000000000000001/9k=" width="100" height="43" alt="image"></p> shall be equal to the delta intra-bucket correlation corresponding to the bucket to which vega risk factors k and l would be allocated; and</div>
<div class="list">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="162" height="43" alt="image"></p> shall be set in accordance with paragraph 1.</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">With regard to vega risk sensitivities between buckets within a risk class (GIRR and non-GIRR), the same correlation parameters for γ<span class="subscript">bc</span>, as specified for delta correlations for each risk class in Section 4, shall be used in the vega risk context.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">There shall be no diversification or hedging benefit recognised in the standardised approach between vega risk factors and delta risk factors. Vega risk charges and delta risk charges shall be aggregated by simple summation.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">The curvature risk correlations shall be the square of corresponding delta risk correlations ρ<span class="subscript">kl</span> and γ<span class="subscript">bc</span> referred to in Subsection 1.</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
CHAPTER 1b -
Alternative internal model approachSection 1 -
Permission and own funds requirementsArticle 325az -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The alternative internal model approach as set out in this Chapter shall be used only for the purposes of the reporting requirement laid down in Article 430b(3).</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">After having verified institutions' compliance with the requirements set out in Articles 325bh, 325bi and 325bj, competent authorities shall grant permission to those institutions to calculate their own funds requirements for the portfolio of all positions assigned to trading desks by using their alternative internal models in accordance with Article 325ba, provided that all the following requirements are met:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the trading desks were established in accordance with Article 104b;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has provided to the competent authority a rationale for the inclusion of the trading desks in the scope of the alternative internal model approach;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the trading desks have met the back-testing requirements referred to in Article 325bf(3) for the preceding year;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution has reported to its competent authorities the results of the profit and loss attribution (‘P&L attribution’) requirement for the trading desks set out in Article 325bg;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for trading desks that have been assigned at least one of those trading book positions referred to in Article 325bl, the trading desks fulfil the requirements set out in Article 325bm for the internal default risk model;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">no securitisation or re-securitisation positions have been assigned to the trading desks.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of point (b) of the first subparagraph of this paragraph, not including a trading desk in the scope of the alternative internal model approach shall not be motivated by the fact that the own funds requirement calculated under the alternative standardised approach set out in point (a) of Article 325(3) would be lower than the own funds requirement calculated under the alternative internal model approach.</p>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions that have received the permission to use the alternative internal model approach shall report to the competent authorities in accordance with Article 430b(3).</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">An institution that has been granted the permission referred to in paragraph 2 shall immediately notify its competent authorities that one of its trading desks no longer meets at least one of the requirements set out in that paragraph. That institution shall no longer be permitted to apply this Chapter to any of the positions assigned to that trading desk and shall calculate the own funds requirements for market risk in accordance with the approach set out in Chapter 1a for all the positions assigned to that trading desk from the earliest reporting date and until the institution demonstrates to the competent authorities that the trading desk again fulfils all the requirements set out in paragraph 2.</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">By way of derogation from paragraph 4, in extraordinary circumstances, competent authorities may permit an institution to continue using its alternative internal models for the purpose of calculating the own funds requirements for the market risk of a trading desk that no longer meets the conditions referred to in point (c) of paragraph 2 of this Article and in Article 325bg(1). When competent authorities exercise that discretion, they shall notify EBA and substantiate their decision.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">For positions assigned to the trading desks for which an institution has not been granted permission as referred to in paragraph 2, the own funds requirements for market risk shall be calculated by that institution in accordance with Chapter 1a of this Title. For the purposes of that calculation, all those positions shall be considered on a stand-alone basis as a separate portfolio.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">Material changes to the use of alternative internal models that an institution has received permission to use, the extension of the use of alternative internal models that the institution has received permission to use, and material changes to the institution's choice of the subset of the modellable risk factors referred to in Article 325bc(2), shall require separate permission from its competent authorities.</div>
</div>
<p class="norm">Institutions shall notify the competent authorities of all other extensions and changes to the use of the alternative internal models for which the institution has received permission.</p>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the conditions for assessing the materiality of extensions and changes to the use of alternative internal models and changes to the subset of the modellable risk factors referred to in Article 325bc;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the assessment methodology under which competent authorities verify an institution's compliance with the requirements set out in Articles 325bh, 325bi, 325bn, 325bo and 325bp.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 June 2024.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the extraordinary circumstances under which competent authorities may permit an institution:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to continue using its alternative internal models for the purpose of calculating the own funds requirements for the market risk of a trading desk that no longer meets the conditions referred to in point (c) of paragraph 2 of this Article and in Article 325bg(1);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">to limit the add-on to the one resulting from overshootings under back-testing hypothetical changes.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 June 2024.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325ba -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution using an alternative internal model shall calculate the own funds requirements for the portfolio of all positions assigned to the trading desks for which the institution has been granted permission as referred to in Article 325az(2) as the higher of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sum of the following values:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution's previous day's expected shortfall risk measure, calculated in accordance with Article 325bb (ES<span class="subscript">t-1</span>), and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution's previous day's stress scenario risk measure, calculated in accordance with Section 5 (SS<span class="subscript">t-1</span>); or</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sum of the following values:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the average of the institution's daily expected shortfall risk measure, calculated in accordance with Article 325bb for each of the preceding sixty business days (ES<span class="superscript">avg</span>), multiplied by the multiplication factor (m<span class="subscript">c</span>); and</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the average of the institution's daily stress scenario risk measure, calculated in accordance with Section 5 for each of the preceding sixty business days (SS<span class="superscript">avg</span>).</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions holding positions in traded debt and equity instruments that are included in the scope of the internal default risk model and assigned to the trading desks referred to in paragraph 1 shall fulfil an additional own funds requirement, expressed as the higher of the following values:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the most recent own funds requirement for default risk, calculated in accordance with Section 3;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the average of the amount referred to in point (a) over the preceding 12 weeks.</p>
</div>
</div>
</div>
</div>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Section 2 -
General requirementsArticle 325bb -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate the expected shortfall risk measure referred to in point (a) of Article 325ba(1) for any given date ‘t’ and for any given portfolio of trading book positions and non-trading book positions that are subject to foreign exchange or commodity risk as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="389" height="61" alt="image"></p>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">ES<span class="subscript">t</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the expected shortfall risk measure;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">i</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the five broad categories of risk factors listed in the first column of Table 2 of Article 325bd;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">UES<span class="subscript">t</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the unconstrained expected shortfall measure calculated as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="367" height="82" alt="image"></p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="63" height="40" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the unconstrained expected shortfall measure for broad risk factor category i and calculated as follows:</p>
<p class="container-center">
<img src="data:image/jpg;base64,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" width="388" height="82" alt="image"></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">ρ</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the supervisory correlation factor across broad categories of risk; ρ = 50 %;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="79" height="40" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the partial expected shortfall measure that shall be calculated for all the positions in the portfolio in accordance with Article 325bc(2);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="81" height="40" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the partial expected shortfall measure that shall be calculated for all the positions in the portfolio in accordance with Article 325bc(3);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="80" height="40" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the partial expected shortfall measure that shall be calculated for all the positions in the portfolio in accordance with Article 325bc(4);</p>
</td>
</tr></table></td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAApAFkBAREA/8QAHAABAAICAwEAAAAAAAAAAAAAAAYIBAcBAwUJ/8QALRAAAQQCAgICAgIBAwUAAAAAAgEDBAUGBwARCBITISIxFBVRMkFhCRcZgaH/2gAIAQEAAD8A+qfHHHHHNabB8g9eaxzKgwLK1vG7rK3HGaNiLSyZI2DrYIbgNm2Cj7CJIqoqp13zIwDfWt9j5Rb4NR2NjDyaiabkTaW5qZVXNFg1URfBmS2BOtKSKnyN+w99ff2ncBy7zU1niEO9yN/Ec+ssPx19+JOy2sx4pNOj7PYuADqH7uCLqfCrotq0jnaKaIhEm86S4i39LAvYQuDHsYzUppHB9TQHAQx9k++l6JO05FtVbn1zuustrjW1+VtEpLaRSTnFiPx/imMdfI306AqSJ7CvsnaL3+/3yb88LNrLLqnGZlhguMwchu2UBYtbNtFrmX/zRCRZCNO+ioPsqfgvaoiL137JVvRfmnvTyLwO6z/WPi7RyY1HbPUr0KZsUY0p2U020Zo2iwFb9enh/InB76L/AI72FrbyqPdGFZXJ1fr8z2DhFgtbe4TkVqFXJgvo4Q9HIBt4OiRs1AkFRJRIVUelVNfaD80N7eSevLHZOsPFyjerq+c9WpHnbEGPJkyGmwMhbH+vUE+nBRFMxTtf8ffJRj/ma5XYFtTKd46sl6+utUvRW7GhC0G0elhLbH+EbLrbQNkkh0lZBUVU9kVSUfvrA2p5LeRmmNV3W4c68eKg6ZuAchiDTZIc2fTuKynxLYATDQG0ryoLhRyJWR++nE7JIT5mnk915AeJj+K2FZVXcy6uXI0ifBObGZcKFGVfdkXGicHpVTpHBXvr7/25xqCbMh+eWyLTe2T1s/LcSwirgVt1XMJVVDVRKfBxWCjOm44j/wDIcTo1fNFQvVERfVORy2wjaWHaXzTZvjzuGFlGppJXcyy11ndZ6CzHR6UNrEZntmLsdFL5kEF6Tvpfb7X2tvrXZmC3mB67isTIuKTs2xmNZUWPS5raTxjpFaMm2wP8nSZBwEJUReuu1TkM8N8wzPLcIzJjN8sm5HLxzYGRY7GnzWo7b5xIcr4mfk+BtttT9U7UkBO1VV/xzfvOC/X/ALTnzT/6Xl1vGu03nDGs9eYZfVhZ9Yk9Iucrk1j4v/xoqKAtNQZCECCgKh+6KqkSev12tnPFjxmybS1ts7aexL+tnZrte0/t7eJTiaVlegq8YMsK6iOOKhSHOzLrtPVEFOlVaG+KCeSf/j52P/2hZxt+lO6sgltgk9L5EVqKkgoasqgKaNKigP8AqVUXrtekW/vkhr7ROzMe2NqfJ8ohYzkeb0FOFlYGrgmDQzzZqTL2VGyT+aRALaKhGpqK/wCpF5WPLMq89fGPXcyi8hcKw3cemIEEqfIbCvfJu0cpnR+A1NVJslJGl9VVWyVVP8nP2aXSXUmgtvxMd2PY63xvICdrokulsp9aDr7MYmwNgmjcT3a/FQVOlRUVE/3TmXm/jzpfY+X1Oe5pr2ss8gpRZbiTzQwc+Np4Xmm3PQhR5sHRExBxCFCTtE75Hp/hz4z2cwpkzUNKXzP/AMqXHAngjTnlc+RXJUcTRqUal9qTwmq9J3+k56+c6aj5rtjXGevN00eJr7+ykskkJVnuPSIqxQjg736txfjedNwOlUjbj9KiCvclwPVmt9XRpkLXGDUeMx7F5JEtqqhNxgfdROvkNAREIuvr2X75KueFmzebO41LDXkmkj36q3/EcumHnoafmPv8gMmBr+Ht10Sfl132nacrv4U+MG1/FerucMu8zxG+xy6tJV88cStlsTgmvAy2giRuk38KCz30o+3ZfvlhM8ZzqRjUlnXMmhj3hECMndsPvRED2T39hYMDVfXvrok++u+VW8ZfF7yg8V9eydbYPsDV1tXyrV+3J+0pLL5kddBsCFPikiPqiND19d/a8yc58UvILZONbQnZdtXFVzfNAxqHQT6yvlQ4uPRK2zSaYtoRuOGSl24i99k4KdkIr+Mpz7XXl1tTXNjpjLbPV0Csv451Nzltc9NOa7APsXTZq3GPiaecb/H7lEIKREPfQokFzdjd2D+UuvNa64ybB63GMd17arQsXTE822YTH9cw6U0m3xR11PjH0PtBEPftFIu+XOYP5WW3PkA/cUL2bXsS7T9p/wAc7OOOOOOOOOOag3T404rujIKjK5mVZRjdxV106lKXRTQZKVWTR9JURxHAMfU0/RiguASIQkhCKptqNHaiR2orA+rbIC2Cf4FE6T/4nO3jjjjjjjjjjjjjjjn/2Q==" width="89" height="41" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the partial expected shortfall measure for broad risk factor category i that shall be calculated for all the positions in the portfolio in accordance with Article 325bc(2);</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAApAFwBAREA/8QAHAABAAIDAQEBAAAAAAAAAAAAAAYHBAUIAgEJ/8QAMhAAAQQCAgICAgEBBQkAAAAAAQIDBAUGBwARCBITIRQxIkEJFRYyURcjJDdCUnF1tP/aAAgBAQAAPwD9U+OOOOOVpnvkJrzW2cUGusnF6i+ypTyKONFpJUkWK2W0uPJaW2goJQlSSrsjrvmVr3e+t9l5Fc4bj9lYRMjoENu2FLcVMqrnNMr+kPBiU2hbjRI6+RAUnvr7+x3osz8m8GxjNpmtceoMrznK6tpl+0qsUqFTl1jToUW1SnlKQwyVBP02pwOEKSQkg982upd+YNuWzv6XFY93GsMWTBFxEtaxyE/CkSW1rEZxtzpQdQEH3HXQ7SQVAg82dluXXNTteo0jPyAt5leVj1vBrvxH1B2K0VBa/lCPiT/kX/EqB/j+vsdzbkL2/mGZ4FgllluD4TByqbVtOSnq6Xc/3YFx221rcKHvhdBX/EAJISD39qT198+af8w99bz1NF3LrrxYqbOllSHmEQk7BQ3ZL+F0tuFDTsFDRI6JALyfb6/XfJVV+YUbYOgbbdmmMGTkM7F1yUZLjNzbCom1SozK3JDSlfC8lTo9E+qeglQV37pKSnkb095aeRG9tSQ9ya38VqGbU2LjzcKHI2QiPMkfE+WXFBKoHxpAWlf+dxJIQSB9p73FT5oKZ0/fZ7n2p7PHcvo8pRhn+Cmp6ZkyRbvfEYsZDwbQ328l9Cwr7QEffsf1zC2t5KeROkMWZyXYehaB+LcWcSvhy8fyN2cxVOSJbTLbdgHI7S/UoU4oPtApLnxtlCewsxHzUjZPM8r/ABVYw21rKu5XZ5QmJLsq9c2M2oQ4/ZWyh1pTg9ex0HE9Eg9/XRxtJzn4HnLti43lk9bNzLEsUqKmHdwWk1VOmnmOtPJY/GdW4sP/AJCkgLU8v29vUAHoHf8A9ng85T022cCy9Xw59V7GuJ2QRZIH5i0yVIWxJWT9utuJCih37Sod9HrloUWcaaxTaO3cwlyGMeNe7j9fk+R2Nk03WPTPgUliP7lXq2+2h5lKwrpR+dgf9vNdbZbmVZ5pYxhsbNLB/FshwW1tXadxqMYzUqNJittutLDQeHsl1RUC4pJPRAHXL/5FNr/8scu/9FYf/M5zhj+zWu/IiH4h0UTWmt8Btqz860MaddZdLhPF0yF9+8dqA6PVKv8AR3tQH/T3y1NbeMdh41eKm44mSZMxdZNmNff5FdOwmi3CZkuwnR8UZKv5/Gkf1WeySfoDoc508Vj5JDwb1YjDI+MP4M7m1cmf+F+eL9mKMnSp5Y9D8Sk/InpYSOgwpZV+lc6l8ntUaW3biub6cgZ7Cw7Ore+pbZU4rdSv+/VR/StKgSA4XI8JTYS2ewlv269kjuh8x2p5j6HpINL5u66w3YumzJiV15k1G6oS2+3m1MSnkpUgn1d+PsfCj2KOvbsgq7fybSGmdgX0XNMu1pjd5csJQqLZTq5t6SwE9FJbcUPZvr6I9SP9eY+aePOl9hZpV7EzDXtZZZHTpZRGsF+6HChp5LzSHPRQS8hDqErShwKSlQBAB582L48aa2tbx8iznA4M25ithhm1Ycdhz0sj2/3X5Mdbbpb/AJqPoVFPZ76765pNn+OeI5LoG80HgeMYpQU14gRlMu1QcjRkuPJU/KQ0gp7lJHu404o/T6W1q7AIMvGndYqyysz6Tg1LKymnjIhwrx+E2ueyyhBQEJf69kj1UoEAgH2V9fZ5MuQncVDn+U4JYY5rmwx6FZWba4bz13GffYTGcbWhz1Sw4hXyfyT0Sevo9j9cqjwt8etm+MWvW9T5NlmLXuPV6n5EF+BAksTS+88XF/KXHFNlABIASkH9dk/fLM3timwc71tbYZrq1x6um3sd+tmSLuLIkNIhvsONuFtLLiFfKCtJBJKfo9j9dUZ4+6A8qvHHU9Np/Ds41RY1VIuStmVY0tp+Q4X5Dj6vf45KU/SnCB0B9Af17J12Q+JXkFktFZ3s/beKo2Vb7CpMrOQxaqQzFr4FbH+JmK1FUtfyBBLpDalJSv53PdXaiTJ9n6i8l/ITDUah2t/s0oMTsZUc5FZY/Pny5thEZdS4WI8Z9htMQulCe1l50tjsD2J9hHNmX/kDE80aLGsVyvA4NNBwC4s61q3iTiy1F/LgNyFyi28gLeCmx6L7CEN+/wBeyiT1+hQWhKwoKCgCCP0f/HPXHHHHHHHHHKe3N4y4nuXJa3MJeU5RjlvCqptBIk0c1DJm1Msf8RDdDiFgJV+wtAS4k9FKgQCLfbQlpCW0ABKQEgD+gHPXHHHHHHHHHHHHHHHP/9k=" width="92" height="41" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the partial expected shortfall measure for broad risk factor category i that shall be calculated for all the positions in the portfolio in accordance with Article 325bc(3); and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="container-center">
<img src="data:image/jpg;base64,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" width="91" height="41" alt="image"></p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the partial expected shortfall measure for broad risk factor category i that shall be calculated for all the positions in the portfolio in accordance with of Article 325bc(4).</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall only apply scenarios of future shocks to the specific set of modellable risk factors applicable to each partial expected shortfall measure, as set out in Article 325bc, when determining each partial expected shortfall measure for the calculation of the expected shortfall risk measure in accordance with paragraph 1.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Where at least one transaction of the portfolio has at least one modellable risk factor which has been mapped to the broad risk factor category i in accordance with Article 325bd, institutions shall calculate the unconstrained expected shortfall measure for the broad risk factor category i and include it in the formula for the expected shortfall risk measure referred to in paragraph 1 of this Article.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">By way of derogation from paragraph 1, an institution may reduce the frequency of the calculation of the unconstrained expected shortfall measures <p class="container-center">
<img src="data:image/jpg;base64,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" width="63" height="40" alt="image"></p> and of the partial expected shortfall measures <p class="container-center">
<img src="data:image/jpg;base64,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" width="89" height="41" alt="image"></p>, <p class="container-center">
<img src="data:image/jpg;base64,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" width="92" height="41" alt="image"></p> and <p class="container-center">
<img src="data:image/jpg;base64,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" width="91" height="41" alt="image"></p> for all broad risk factor categories i from daily to weekly, provided that both of the following conditions are met:<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">the institution is able to demonstrate to its competent authority that calculating the unconstrained expected shortfall measure <p class="container-center">
<img src="data:image/jpg;base64,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" width="63" height="40" alt="image"></p> does not underestimate the market risk of the relevant trading book positions;</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">the institution is able to increase the frequency of calculation of <p class="container-center">
<img src="data:image/jpg;base64,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" width="63" height="40" alt="image"></p>, <p class="container-center">
<img src="data:image/jpg;base64,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" width="89" height="41" alt="image"></p>, <p class="container-center">
<img src="data:image/jpg;base64,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" width="92" height="41" alt="image"></p> and <p class="container-center">
<img src="data:image/jpg;base64,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" width="91" height="41" alt="image"></p> from weekly to daily where required by its competent authority.</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325bc -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall calculate all the partial expected shortfall measures referred to in Article 325bb(1) as follows:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">daily calculations of the partial expected shortfall measures;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">at 97,5th percentile, one tailed confidence interval;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for a given portfolio of trading book positions and non-trading book positions that are subject to foreign exchange or commodity risk, institutions shall calculate the partial expected shortfall measure at time ‘t’ in accordance with the following formula:</p>
<p class="list">
<img 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" width="329" height="60" alt="image"></p>
<p class="list">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">PES<span class="subscript">t</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the partial expected shortfall measure at time t;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">j</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the index that denotes the five liquidity horizons listed in the first column of Table 1;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">LH<span class="subscript">j</span>
</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the length of liquidity horizons j as expressed in days in Table 1;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">T</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the base time horizon, where T = 10 days;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">PES<span class="subscript">t</span>(T)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the partial expected shortfall measure that is determined by applying scenarios of future shocks with a 10-day time horizon only to the specific set of modellable risk factors of the positions in the portfolio set out in paragraphs 2, 3 and 4 for each partial expected shortfall measure referred to in Article 325bb(1); and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">PES<span class="subscript">t</span>(T, j)</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the partial expected shortfall measure that is determined by applying scenarios of future shocks with a 10-day time horizon only to the specific set of modellable risk factors of the positions in the portfolio set out in paragraphs 2, 3 and 4 for each partial expected shortfall measure referred to in Article 325bb(1) and of which the effective liquidity horizon, as determined in accordance with Article 325bd(2), is equal or longer than LH<span class="subscript">j</span>.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-bf559767-839f-472c-9734-7921b40a8bfc">
<span class="italics">Table 1</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="26%"><col width="74%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Liquidity horizon j</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="hd-column">Length of liquidity horizon j</p>
<p class="hd-column">(in days)</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">10</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">20</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">40</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">60</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">120</p>
</td>
</tr></tbody></table></div>
</td>
</tr></table></div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">For the purpose of calculating the partial expected shortfall measures <p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAAoAE8BAREA/8QAHAAAAgIDAQEAAAAAAAAAAAAAAAcFCAQGCQID/8QALBAAAQQBBAIBAwQCAwAAAAAAAQIDBAUGBwgREgAhExQVMQkiQWEWI0KBsf/aAAgBAQAAPwDqn4eHh4eHi91P13040esKKtz6fZwnsmnsVVQWKeXLRMnPFQaioWy2tPyq6nhJIPHv+fPGJbgNL8yzqXplXXFhByuHFM5dRcU0yskOxwsoU6yJTTYfQFAgqaKwPXJ9+avmm7jTXCrS9jv0eZ29PibxjZFkFLjr8+rqHkAF5t59vklTSVJU6G0r+PnhXBCgGfgWaUuo+EUGoGOF81WSVsa1hF9r43Cw+2lxHZPvqeqhyP4895m1mb2NTW9PrClg5AQj6J+5huyoaT3Hb5GmXWlqBT2A6rHBIPsDg062u7jd5G6TT3KMzx2ZozRzccv5GPiDNx+1dakOtNNOFwvInAoSfl4A+NR/b/fpiaLbmdQ9eajUTTympsdw7WDTS0FZbxrFt+0pSS64EOtrZWy4tC0suDjsFIIBIUOAVxtc3J7wNz2kd9qtXWuieLtU9pJqW41jR2jjbjjLLTinHHxOSGm/9qRz1WRwTx/HjEwvcnqtheP6zK3MY3jzd1pLBjXpGINP/S2VVIjvLZcaMl0rK1ORZCCFdevX+fz5iS8/3iQdGV7gK5zTrJfq6FN6jCa+BIbU3EVGLyPp7IPuCRISFpKv9Xxuhvq2EFQV4qd2WR5bqDo5s+zFudW/5NkeeYdZfVuw1rhidIh/J8imULSotfIvn40rB6+gofnyfrV5Gj9QerZ3D5LST7bD9OJeSY5YY/EVVVcCI865Gm/WtyXXnFK6jslYeCEjkkex1zhgOtNbP1K1L2ka21U+jk5PcSLfBc0qfkhJuGX1CwbYmBaVxm3lJWoc8I4cCioAlQfe1HLceznbjp3kuJYi7i1NJoIzcGncfW/9Ey0n4ktJdX+5xADf7Vq9qSUk+z41lfj/ALH/AL5zT/TCp9cLHS/UR3THPsLo61OoVgl+Pd4tJs3lv/TxuVpcanR0pR16DqUE8hR7ewBb3bjthrtBpuaZpa5ZJyvOtRLAWeS3bkZMNp9wFakNsxkKKGW0qdcIHKlHv7UQABz12i6Ta7am7CtUa/SfUhUZiZfW0NzFfscV77sfp4peaTKcIW0t1s/GP+IIH45JHQ7WnNdDI8fP9PdUKt5EWRgv3fJpbMDsXacuvRgnu3y6taFF0pT1PXtyPZI8qxcbZd6+0bD5dlt+3Fxs00+xOO/ZjDsmrUrcdiIStbsVB6r7DoCQltbXKieqQfzZfDMd2/7ntLtM9Ssy0sxtz7tSxnaKtsWG1/bz8RWpiKn0B0CFcFCQeiAeABwNx1G226J6suVL+oGBRLV6kjKgwnvqH2HURVp6rjqW04lTjKgSFNLKkKBPYHnyJv8AaHt2ySxsrWz03jokXcl6ZbGHPmQ02jrqytz6xDDqEykkqV+14LSApSQAkkeNeoqaugqodHSV8eBXV7DcWJFjNhtphltIShtCB6SlKQAAPQAA8js0psgv8amVOLZa/jNm/wDH8FqxDYlLj8LSpXDT6VNq7JBT+4HjtyPYHiS2ubRpG1tVnXY5q9d3VBcTZFrNq59XBQHJ7qG0F/5m0BxPCWkgIB6fn146s4o8kyLG5NTieZSMWsnVNlq0jwWJa2QFgqAafSptXZIKfY9c8j35XHRfZPmm3zFZOE6Ubm8mqqeZYO2jzD2N1MoqkuIQhau7jRUAQ2j1+Bx/fk09s9srXF9Xa7Lda77Jr/VmjYon7m0rYo+1x2kvhCI7LAbSG+ZClfGCASAeeSSftI2568rwWTpKxuokHEpEP7WJcjFGXMjbgFsNqaTYokIa+QoCkh5UYrAVzyVgL8Vms+leSYTuD2xaX6YapWWJY1FYvYNLDZrIclFYqFSrSX+XkH53HG3FoJd5691lPBUfLlYlMbscWp7Bm7Ny3Kr47yLEspaMxKm0kP8ARIAR357dQAB244Hkt4eHh4eHh4eaJqnolptrKxVt5/QLmPUkhUmtmRpj8OXDWsBLnxPsLQ4gLQOq0hXCk+iD5tlBRVGL0ddjVBAahVlTEZgwozQ4Qww0gIbbTz/CUpAH9DzP8PP/2Q==" width="79" height="40" alt="image"></p> and <p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAApAFkBAREA/8QAHAABAAICAwEAAAAAAAAAAAAAAAYIBAcBAwUJ/8QALRAAAQQCAgICAgIBAwUAAAAAAgEDBAUGBwARCBITISIxFBVRMkFhCRcZgaH/2gAIAQEAAD8A+qfHHHHHNabB8g9eaxzKgwLK1vG7rK3HGaNiLSyZI2DrYIbgNm2Cj7CJIqoqp13zIwDfWt9j5Rb4NR2NjDyaiabkTaW5qZVXNFg1URfBmS2BOtKSKnyN+w99ff2ncBy7zU1niEO9yN/Ec+ssPx19+JOy2sx4pNOj7PYuADqH7uCLqfCrotq0jnaKaIhEm86S4i39LAvYQuDHsYzUppHB9TQHAQx9k++l6JO05FtVbn1zuustrjW1+VtEpLaRSTnFiPx/imMdfI306AqSJ7CvsnaL3+/3yb88LNrLLqnGZlhguMwchu2UBYtbNtFrmX/zRCRZCNO+ioPsqfgvaoiL137JVvRfmnvTyLwO6z/WPi7RyY1HbPUr0KZsUY0p2U020Zo2iwFb9enh/InB76L/AI72FrbyqPdGFZXJ1fr8z2DhFgtbe4TkVqFXJgvo4Q9HIBt4OiRs1AkFRJRIVUelVNfaD80N7eSevLHZOsPFyjerq+c9WpHnbEGPJkyGmwMhbH+vUE+nBRFMxTtf8ffJRj/ma5XYFtTKd46sl6+utUvRW7GhC0G0elhLbH+EbLrbQNkkh0lZBUVU9kVSUfvrA2p5LeRmmNV3W4c68eKg6ZuAchiDTZIc2fTuKynxLYATDQG0ryoLhRyJWR++nE7JIT5mnk915AeJj+K2FZVXcy6uXI0ifBObGZcKFGVfdkXGicHpVTpHBXvr7/25xqCbMh+eWyLTe2T1s/LcSwirgVt1XMJVVDVRKfBxWCjOm44j/wDIcTo1fNFQvVERfVORy2wjaWHaXzTZvjzuGFlGppJXcyy11ndZ6CzHR6UNrEZntmLsdFL5kEF6Tvpfb7X2tvrXZmC3mB67isTIuKTs2xmNZUWPS5raTxjpFaMm2wP8nSZBwEJUReuu1TkM8N8wzPLcIzJjN8sm5HLxzYGRY7GnzWo7b5xIcr4mfk+BtttT9U7UkBO1VV/xzfvOC/X/ALTnzT/6Xl1vGu03nDGs9eYZfVhZ9Yk9Iucrk1j4v/xoqKAtNQZCECCgKh+6KqkSev12tnPFjxmybS1ts7aexL+tnZrte0/t7eJTiaVlegq8YMsK6iOOKhSHOzLrtPVEFOlVaG+KCeSf/j52P/2hZxt+lO6sgltgk9L5EVqKkgoasqgKaNKigP8AqVUXrtekW/vkhr7ROzMe2NqfJ8ohYzkeb0FOFlYGrgmDQzzZqTL2VGyT+aRALaKhGpqK/wCpF5WPLMq89fGPXcyi8hcKw3cemIEEqfIbCvfJu0cpnR+A1NVJslJGl9VVWyVVP8nP2aXSXUmgtvxMd2PY63xvICdrokulsp9aDr7MYmwNgmjcT3a/FQVOlRUVE/3TmXm/jzpfY+X1Oe5pr2ss8gpRZbiTzQwc+Np4Xmm3PQhR5sHRExBxCFCTtE75Hp/hz4z2cwpkzUNKXzP/AMqXHAngjTnlc+RXJUcTRqUal9qTwmq9J3+k56+c6aj5rtjXGevN00eJr7+ykskkJVnuPSIqxQjg736txfjedNwOlUjbj9KiCvclwPVmt9XRpkLXGDUeMx7F5JEtqqhNxgfdROvkNAREIuvr2X75KueFmzebO41LDXkmkj36q3/EcumHnoafmPv8gMmBr+Ht10Sfl132nacrv4U+MG1/FerucMu8zxG+xy6tJV88cStlsTgmvAy2giRuk38KCz30o+3ZfvlhM8ZzqRjUlnXMmhj3hECMndsPvRED2T39hYMDVfXvrok++u+VW8ZfF7yg8V9eydbYPsDV1tXyrV+3J+0pLL5kddBsCFPikiPqiND19d/a8yc58UvILZONbQnZdtXFVzfNAxqHQT6yvlQ4uPRK2zSaYtoRuOGSl24i99k4KdkIr+Mpz7XXl1tTXNjpjLbPV0Csv451Nzltc9NOa7APsXTZq3GPiaecb/H7lEIKREPfQokFzdjd2D+UuvNa64ybB63GMd17arQsXTE822YTH9cw6U0m3xR11PjH0PtBEPftFIu+XOYP5WW3PkA/cUL2bXsS7T9p/wAc7OOOOOOOOOOag3T404rujIKjK5mVZRjdxV106lKXRTQZKVWTR9JURxHAMfU0/RiguASIQkhCKptqNHaiR2orA+rbIC2Cf4FE6T/4nO3jjjjjjjjjjjjjjjn/2Q==" width="89" height="41" alt="image"></p> referred to in Article 325bb(1), in addition to the requirements set out in paragraph 1 of this Article, institutions shall meet the following requirements:<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">in calculating <p class="container-center">
<img src="data:image/jpg;base64,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" width="79" height="40" alt="image"></p>, institutions shall only apply scenarios of future shocks to a subset of the modellable risk factors of the positions in the portfolio which has been chosen by the institution, to the satisfaction of the competent authorities, so that the following condition is met with the sum taken over from the preceding 60 business days:<p class="container-center">
<img src="data:image/jpg;base64,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" width="249" height="80" alt="image"></p>
<p class="list">An institution that no longer meets the requirement referred to in the first paragraph of this point shall immediately notify the competent authorities thereof and shall update the subset of the modellable risk factors within two weeks in order to meet that requirement; where, after two weeks, that institution has failed to meet that requirement, the institution shall revert to the approach set out in Chapter 1a to calculate the own funds requirements for market risk for some trading desks, until that institution is able to demonstrate to the competent authority that it is meeting the requirement set out in the first subparagraph of this point;</p>
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<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">in calculating <p class="container-center">
<img src="data:image/jpg;base64,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" width="89" height="41" alt="image"></p>, institutions shall only apply scenarios of future shocks to the subset of the modellable risk factors of the positions in the portfolio chosen by the institution for the purposes of point (a) of this paragraph and which have been mapped to the broad risk factor category ‘i’ in accordance with Article 325bd;</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">the data inputs used to determine the scenarios of future shocks applied to the modellable risk factors referred to in points (a) and (b) shall be calibrated to historical data from a continuous 12-month period of financial stress that shall be identified by the institution in order to maximise the value of <p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAAoAE8BAREA/8QAHAAAAgIDAQEAAAAAAAAAAAAAAAcFCAQGCQID/8QALBAAAQQBBAIBAwQCAwAAAAAAAQIDBAUGBwgREgAhExQVMQkiQWEWI0KBsf/aAAgBAQAAPwDqn4eHh4eHi91P13040esKKtz6fZwnsmnsVVQWKeXLRMnPFQaioWy2tPyq6nhJIPHv+fPGJbgNL8yzqXplXXFhByuHFM5dRcU0yskOxwsoU6yJTTYfQFAgqaKwPXJ9+avmm7jTXCrS9jv0eZ29PibxjZFkFLjr8+rqHkAF5t59vklTSVJU6G0r+PnhXBCgGfgWaUuo+EUGoGOF81WSVsa1hF9r43Cw+2lxHZPvqeqhyP4895m1mb2NTW9PrClg5AQj6J+5huyoaT3Hb5GmXWlqBT2A6rHBIPsDg062u7jd5G6TT3KMzx2ZozRzccv5GPiDNx+1dakOtNNOFwvInAoSfl4A+NR/b/fpiaLbmdQ9eajUTTympsdw7WDTS0FZbxrFt+0pSS64EOtrZWy4tC0suDjsFIIBIUOAVxtc3J7wNz2kd9qtXWuieLtU9pJqW41jR2jjbjjLLTinHHxOSGm/9qRz1WRwTx/HjEwvcnqtheP6zK3MY3jzd1pLBjXpGINP/S2VVIjvLZcaMl0rK1ORZCCFdevX+fz5iS8/3iQdGV7gK5zTrJfq6FN6jCa+BIbU3EVGLyPp7IPuCRISFpKv9Xxuhvq2EFQV4qd2WR5bqDo5s+zFudW/5NkeeYdZfVuw1rhidIh/J8imULSotfIvn40rB6+gofnyfrV5Gj9QerZ3D5LST7bD9OJeSY5YY/EVVVcCI865Gm/WtyXXnFK6jslYeCEjkkex1zhgOtNbP1K1L2ka21U+jk5PcSLfBc0qfkhJuGX1CwbYmBaVxm3lJWoc8I4cCioAlQfe1HLceznbjp3kuJYi7i1NJoIzcGncfW/9Ey0n4ktJdX+5xADf7Vq9qSUk+z41lfj/ALH/AL5zT/TCp9cLHS/UR3THPsLo61OoVgl+Pd4tJs3lv/TxuVpcanR0pR16DqUE8hR7ewBb3bjthrtBpuaZpa5ZJyvOtRLAWeS3bkZMNp9wFakNsxkKKGW0qdcIHKlHv7UQABz12i6Ta7am7CtUa/SfUhUZiZfW0NzFfscV77sfp4peaTKcIW0t1s/GP+IIH45JHQ7WnNdDI8fP9PdUKt5EWRgv3fJpbMDsXacuvRgnu3y6taFF0pT1PXtyPZI8qxcbZd6+0bD5dlt+3Fxs00+xOO/ZjDsmrUrcdiIStbsVB6r7DoCQltbXKieqQfzZfDMd2/7ntLtM9Ssy0sxtz7tSxnaKtsWG1/bz8RWpiKn0B0CFcFCQeiAeABwNx1G226J6suVL+oGBRLV6kjKgwnvqH2HURVp6rjqW04lTjKgSFNLKkKBPYHnyJv8AaHt2ySxsrWz03jokXcl6ZbGHPmQ02jrqytz6xDDqEykkqV+14LSApSQAkkeNeoqaugqodHSV8eBXV7DcWJFjNhtphltIShtCB6SlKQAAPQAA8js0psgv8amVOLZa/jNm/wDH8FqxDYlLj8LSpXDT6VNq7JBT+4HjtyPYHiS2ubRpG1tVnXY5q9d3VBcTZFrNq59XBQHJ7qG0F/5m0BxPCWkgIB6fn146s4o8kyLG5NTieZSMWsnVNlq0jwWJa2QFgqAafSptXZIKfY9c8j35XHRfZPmm3zFZOE6Ubm8mqqeZYO2jzD2N1MoqkuIQhau7jRUAQ2j1+Bx/fk09s9srXF9Xa7Lda77Jr/VmjYon7m0rYo+1x2kvhCI7LAbSG+ZClfGCASAeeSSftI2568rwWTpKxuokHEpEP7WJcjFGXMjbgFsNqaTYokIa+QoCkh5UYrAVzyVgL8Vms+leSYTuD2xaX6YapWWJY1FYvYNLDZrIclFYqFSrSX+XkH53HG3FoJd5691lPBUfLlYlMbscWp7Bm7Ny3Kr47yLEspaMxKm0kP8ARIAR357dQAB244Hkt4eHh4eHh4eaJqnolptrKxVt5/QLmPUkhUmtmRpj8OXDWsBLnxPsLQ4gLQOq0hXCk+iD5tlBRVGL0ddjVBAahVlTEZgwozQ4Qww0gIbbTz/CUpAH9DzP8PP/2Q==" width="79" height="40" alt="image"></p>; for the purpose of identifying that stress period, institutions shall use an observation period starting at least from 1 January 2007, to the satisfaction of the competent authorities; and</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">the data inputs of <p class="container-center">
<img src="data:image/jpg;base64,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" width="89" height="41" alt="image"></p> shall be calibrated to the 12-month stress period that has been identified by the institution for the purposes of point (c).</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For the purpose of calculating the partial expected shortfall measures <p class="container-center">
<img src="data:image/jpg;base64,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" width="81" height="40" alt="image"></p> and <p class="container-center">
<img src="data:image/jpg;base64,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" width="92" height="41" alt="image"></p> referred to in Article 325bb(1), institutions shall, in addition to the requirements set out in paragraph 1 of this Article, meet the following requirements:<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">in calculating <p class="container-center">
<img src="data:image/jpg;base64,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" width="81" height="40" alt="image"></p>, institutions shall only apply scenarios of future shocks to the subset of the modellable risk factors of the positions in the portfolio referred to in point (a) of paragraph 2;</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">in calculating <p class="container-center">
<img src="data:image/jpg;base64,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" width="92" height="41" alt="image"></p>, institutions shall only apply scenarios of future shocks to the subset of the modellable risk factors of the positions in the portfolio referred to in point (b) of paragraph 2;</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the data inputs used to determine the scenarios of future shocks applied to the modellable risk factors referred to in points (a) and (b) of this paragraph shall be calibrated to historical data referred to in point (c) of paragraph 4; those data shall be updated on at least a monthly basis.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">For the purpose of calculating the partial expected shortfall measures <p class="container-center">
<img src="data:image/jpg;base64,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" width="80" height="40" alt="image"></p> and <p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAApAFsBAREA/8QAGwABAAIDAQEAAAAAAAAAAAAAAAcIBAUGAQn/xAAqEAABBAEEAgIBAwUAAAAAAAABAgMEBQYABxESCBMUITEJIkEVIzJRYf/aAAgBAQAAPwD6p6aaaaaifdryc2q2TyOnxXP3ckYn5AttmqEHF7Ge1NfcUoJjtOx2VoW+epPqB78FJ44I59xXyY20yzNKzb6PFzGqvLpqS9Xx73DrWpTKTHQFvdHJTDaFFKSCQDz9j/etNZ+W+Bm8uqLA8OzzcJWNSXIV1LxLH1zocGS2ElbBfUpCHnUhX22wXFggggHgHuNpd48J3sobDJsClS5NbX2sqnU/IiqY9j8cpDhSlfCuoKuP3BJ5BBA417Q7z7cZNufkezlLfqkZbicWNMtoHxH0CO0+AWz7VIDa+QpJ4Sokc/f88dvrQZzZ5jT4zMscCxWDkd2z1Metm2v9Naf/AHDsDI9TvQhPJHKCCQASkHkVe2K80d9fIzbqy3K2v8XKSZCrLR2oXCl7iJjS3ZDaGlrCAqB6uvV5P2pxPPCv+cyZtR5QRd9MIyqdtlhrqc7w2eqpucNyOeK2RBmJdUjo++228lKVJQ4pC0pUFFBSeCFcRlsR5pb6eRVJk97t54u0YbxSydp5bNhuIlh16a2jspprrAUk/lI7KUlJKh98AkdhiHl7aRK/cx3yB2kf2vn7Z1ka6lwjcotzMgPB4IfZcZaSlQLjJbAHJKjwevB1gZZ5JeROC7XWe+OTeOMBWKsVS7RNZX5Ip+8rWBHLiX5jCmENFPYoDqGnCphKXFcu8cCMPMPIMlzqJ4jZPUu11RfX+eUlgwt+O5LiRZT8VDg7Nhba3W0rX+AtBIH5STzqXsd2p3qlYHuJP3ZsIeQ7hxbXIZGCW8FZjIiR5VY2xHEVsuLMRJV7Elta1kK5UVK5CtY36dNpQyfEfCaOtDbNjjjMipu4Hp9MiDZNSHPe0+0QFNu8kKPYAkKCv5511e0WebM49j+V5PWS2MYo7rcK1iJsLSzaEW3tXHw067EcKuhQ6+haEpB/zbcHHPOtftNlmaveVu9G311mNjb0NLWY7Z1UOW1HAr1zRLU802tppC1N/wBtASHCsgD8nknU/wCvD+NfNT9LO732rvHvI2Ns9u8Lvas5vYqXJucsk1r6X/jxeyA01AfBQEhBCu4JJI6jjk2h8S/GnJNj5u4m4m4GQV1hmu696L68j1CFprIC/Y8tLEYuj2LAVId5WvjkdR1HBKqNeLyvIlHjT5KK2Vj4pJiHIshRLZlfPFuVqhpDioSo56ewNEqaBHYuDj+Rq8m6WLbFZXgNvhO5uRMY7kGY7bNQbC0lOONvs1TDqEIdWpZDf9qXOSeqiFKU7weRzxWqwf8A1CfEXbpeP51jeFbz7QYxXuNWklh5TNomjS2pDjaipSFJDbKSSood6pIBUoA9beYztf44b44Bgmcp2tx67p00MFeNKta1D7sCF6kqZQ2XOxbKUhIJB55SPs8A6lyuroVTAj1ddGQxFiNJZZaQP2oQkcBI/wCAajTL/F3YPOsnfzPJNtKt65mkfPlx1OxVWIASAmWGFoTKTwkJ6vBY68jjgkHG3n8f6Lcrauq2eoqnH6bH4ljWqLX9PHWBBjuhahBQjhLL/VPRtZBSjuo8K/B7Go2o21oMzsdxaXBKODlNulSLC5jwkImS0kpJS68B2WP2p+iSB1H+tdZrQ5w3nLmNyUbcyqKPfFTfxnLth56IB3HfuhlaFk9O3HCh98c8j61Xrwk8Yt1vFPH7Pb+8zTE7/GLGwlXRXDrpTE5M15LCOvZbpb9QSyfrr25I++NWJzJvL3camowKRTsXxSj4bluy67ESrunt7EMqQsjr246qH3x/HI1U7x08W/J7xoqMmpsM3A2ts2sqvn8glrsqSz7NPuoSlSG/XJSOgCBxzyfs8k6z878WfIDdSt3NtdwdxMLl5NlWJM4rjIrIEyDDpGvmCS8rlbjq1KcUhlSl8FRLDY+gANdRkmFeZ+T7dWe0lldbUuItIS6d7NQ5OTMMVxv1uSDUlks/IKCv6+V6+5CuOB01Ge41BvHtJvt447K7T5Ni0XGquhvI1I3cR5jhc+DVsNOrnlp5Pt/a6othHUJJJUFEJ4upTyHpdTClSZUOS69HacW9DJLDiigEqb5JPQk8p+z9EfZ1maaaaaaaaaaizebx8xnea3xnJp2S5Hjl9iXzm6y0o5aGX22JrSWpbJDiFoUHG0hPbr2QQFJII51IWOUUHF8frMarPb8OqhswY/tWVr9bTaUJ7KP+R6pHJ/k62Ommmmmmmmmmmmmmmv/Z" width="91" height="41" alt="image"></p> referred to in Article 325bb(1), institutions shall, in addition to the requirements set out in paragraph 1 of this Article, meet the following requirements:<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">in calculating <p class="container-center">
<img src="data:image/jpg;base64,/9j/4AAQSkZJRgABAQABLAEsAAD/2wBDAAMCAgICAgMCAgIDAwMDBAYEBAQEBAgGBgUGCQgKCgkICQkKDA8MCgsOCwkJDRENDg8QEBEQCgwSExIQEw8QEBD/wAALCAAoAFABAREA/8QAHAAAAgMAAwEAAAAAAAAAAAAAAAcFBggBAwkC/8QAMRAAAQMEAgIBAgMHBQAAAAAAAQIDBAUGBxEIEgATIRQiFTFhCRYjMkFCURc2cXWz/9oACAEBAAA/APVPw8PDw8PFBffK/C2N7/axfddVuNq55KS5EgRLRq81UxKWw4tUdUeMtL4Qg7WWyrpohWiCBK4/5D4uyZdcqxrZn1xqvQ6cKs7Aq9tVKku/SF31B1ImMNd0+w9ft387/wAeViZy9xm5VapAs6375vaJQZS4VXqtr2vKqFPhPoP8RsvpAS8pA2VBj2ka0fnQLAxTley80Wim+sf1FdQojs2ZBYllsoS+qM+tha0b/NBU2opV/UaOh59ZVk5Cg2PUqjjGfbsSuw2lSWlV+E/KiLQhClKQpLDra0lWgAoE9fk9Vfl5ljjNyA5l8nsJpy/aUjDFOkLqD8Fuj1CiVVKXPStIUTKRMV02FHX8FWjrf6WrH/LG+84YRva48eUi3rVyNjWdMgXLSK/HfqNOD8Zt5SkMvR3WlKSv1/Dmz06rBQr7VGr8dM+cxuReCI+a6RW8HW99dLkRYlPqlDqvr208GduyEzvsKldtANq/tG9qOpdfLzKeOcR5DqWabStc5Fsu6odrNQqK85HpD7k9qMuC8t+Q4VIZIkFbizrqlP8ALvzsz7kHmRgLFNTyK9WcfXi0XGW6gINDkU9dv+2Q00JDKVvvfVx0Anuhzo4Cv2d+iCkQHJ5m9ZPPTjq3j+p0en1s0a6vppFYgPTIiAIx792mXWlq2jsBpxOiQTsDRvCMXZiTxZuiq3yyupZ2/dC66IxVoUnbzokSpL0VthST1SghMUtpP3IASk6IUPLFwRq1tVXiTjFq3HIqk0ygx6bPaZaDZj1FkdJTbiAAUuh4LKtgEk9vnts23jq/YUuxalNxrTZUSgybquJ5lTrqHWpLpqkj3SIykEpMZx32La6nXRSfLxeX+0q1/wBdJ/8AJXnnx+zBoOf6nxTirxvkqx6FSV1qpJQxVrQk1GUh3aOy/aieygjeiE+v418k+aNx9xmt/jbgfJMSNX5tx3JdcSrVu5K5KbSyqoTXI7xKksI+xlA7K0hO/wCY7J+NY64oYnzlf3BG1HLDyAqZQv3tjvzLO/AYhMmMxXGnHiiYpQcSoFAe+f7W1IH5jzYvI6Jx9y5TLz47ZEZmUyXW5FuNSalCgJ9pqFRefapjqXEglS0rgqSouAJSjSSeqjrON+WjzT4U2gLzr2YKRm3DFshiLV7drtNSJyqatxtHYFaHFKLZXoEvKCUpBKeoKU7Pq+HcC5HuuBfdyWHQKjdUiE3MiTZbaTUWo4CQFNq7d20juAemgCr/ACfloIQltCW0DSUgAD9B4p7j4pcf7quSoXZV8cxRUaw57aqYcyVDYqivnZmMMOoal72d+5C9hRB2CfGbRaLSLcpMOg0ClxabTaewiNEhxGUtMx2UAJQ2hCQAlIAAAA0APIPJNq3Felqybetm+JVqSpJCV1CNAjzF+oghbfrkJUj7gdb1sf08VvFXiw9xXoLtlULKlZr9rbeej0ufTYbfokurSpbweaQHFbCSOqiU/d+g8ZOWbHr+RLMl2lb99zLTXP7MyZsWBGluLjLbWhxrpISpA7BY+4DsOvx+Z8R+IuHeQcFWPExxjDk/clLt+C688xGdtikSVJW6srWS44yVHaiT8n4/LzqrPByRcdm3JQa/na6qhXrsuyj3RUrodhRWqik08IDTLBZShDQSGx6z1IbJJCD8gzd28a8wZUtxrHOYORDNcslyS05VIdMtJumVKsR2nA4mNKlpkLbDailPs9LDRX10OqSpJV130a+KRz2qCv8AXWfb1Go+KPxtpSaHBeagU01gIchIQps/YfQhRd0XT1SN6SB5twf87858PDw8PDw8PFvkfjviDLFxwLtvq0Uz6tT430KZLct+Op+H7PZ9K/6lpD7Hs056nOyewB14xwABoec+Hn//2Q==" width="80" height="40" alt="image"></p>, institutions shall apply scenarios of future shocks to all the modellable risk factors of the positions in the portfolio;</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">in calculating <p class="container-center">
<img src="data:image/jpg;base64,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" width="91" height="41" alt="image"></p>, institutions shall apply scenarios of future shocks to all the modellable risk factors of the positions in the portfolio which have been mapped to the broad risk factor category i in accordance with Article 325bd;</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the data inputs used to determine the scenarios of future shocks applied to the modellable risk factors referred to in points (a) and (b) shall be calibrated to historical data from the preceding 12-month period; where there is a significant upsurge in the price volatility of a material number of modellable risks factors of an institution's portfolio which are not in the subset of the risk factors referred to in point (a) of paragraph 2, competent authorities may require an institution to use historical data for a period shorter than the preceding 12-months, but such a shorter period shall not be shorter than the preceding six-months; competent authorities shall notify EBA of any decision to require an institution to use historical data from a shorter period than 12 months and shall substantiate that decision.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">In calculating a given partial expected shortfall measure as referred to in Article 325bb(1), institutions shall maintain the values of the modellable risks factors for which they have not been required to apply scenarios of future shocks for that partial expected shortfall measure under paragraphs 2, 3 and 4 of this Article.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325bd -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall map each risk factor of positions assigned to the trading desks for which they have been granted permission as referred to in Article 325az(2), or for which they are in the process of being granted such permission, to one of the broad categories of risk factors listed in Table 2 and to one of the broad sub-categories of risk factors listed in that Table.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The liquidity horizon of a risk factor of the positions referred to in paragraph 1 shall be the liquidity horizon of the corresponding broad sub-category of risk factors to which it has been mapped.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">By way of derogation from paragraph 1 of this Article, for a given trading desk, an institution may decide to replace the liquidity horizon of a broad sub-category of risk factors listed in Table 2 of this Article with one of the longer liquidity horizons listed in Table 1 of Article 325bc. Where an institution takes such a decision, the longer liquidity horizon shall apply to all the modellable risk factors of the positions assigned to that trading desk that have been mapped to that broad sub-category of risk factors for the purpose of calculating the partial expected shortfall measures in accordance with point (c) of Article 325bc(1).</div>
</div>
<p class="norm">An institution shall notify the competent authorities of the trading desks and the broad sub-categories of risk factors to which it decides to apply the treatment referred to in the first subparagraph.</p>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purpose of calculating the partial expected shortfall measures in accordance with point (c) of Article 325bc(1), the effective liquidity horizon of a given modellable risk factor of a given trading book position or a non-trading book position that is subject to foreign exchange or commodity risk shall be calculated as follows:</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="17%"><col width="4%"><col width="79%"><tbody><tr><td rowspan="3" valign="middle">
<p class="tbl-norm">EffectiveLH =</p>
</td>
<td rowspan="3" valign="middle">
<table width="100%" border="0"><col width="100%"><tbody><tr><td valign="middle" align="center">
<img src="./../../../../resource.html?uri=celex:02013R0575-20230628.ENG.xhtml.l1.jpg" width="16" height="120" alt="left accolade"></td>
</tr></tbody></table></td>
<td valign="top">
<p class="tbl-norm">SubCatLH if Mat > LH<span class="subscript">5</span>
</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">min (SubCatLH, min<span class="subscript">j</span>{LH<span class="subscript">j</span>/LH<span class="subscript">j</span> ≥ Mat}) if LH<span class="subscript">1</span> ≤ Mat ≤ LH<span class="subscript">5</span>
</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">LH<span class="subscript">1</span> if Mat < LH<span class="subscript">1</span>
</p>
</td>
</tr></tbody></table></div>
<p class="norm inline-element">where:</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">EffectiveLH</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the effective liquidity horizon;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">Mat</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the maturity of the trading book position;</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">SubCatLH</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the length of liquidity horizon of the modellable risk factor determined in accordance with paragraph 1; and</p>
</td>
</tr></table><table width="100%" border="0" cellspacing="0" cellpadding="0"><col width="10%"><col width="5%"><col width="85%"><tr><td valign="top">
<p class="norm">min<span class="subscript">j</span> {LH<span class="subscript">j</span>/LH<span class="subscript">j</span> ≥ Mat}</p>
</td>
<td valign="top">
<p class="norm">=</p>
</td>
<td valign="top">
<p class="norm">the length of one of the liquidity horizons listed in Table 1 of Article 325bc which is the nearest liquidity horizon above the maturity of the trading book position.</p>
</td>
</tr></table></div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">Currency pairs that are composed of the euro and the currency of a Member State participating in ERM II shall be included in the most liquid currency pairs sub-category within the broad category of foreign exchange risk factor of Table 2.</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">An institution shall verify the appropriateness of the mapping referred to in paragraph 1 on at least a monthly basis.</div>
</div>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">how institutions are to map the risk factors of the positions referred to in paragraph 1 to broad categories of risk factors and broad sub-categories of risk factors for the purposes of paragraph 1;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">which currencies constitute the most liquid currencies sub-category of the broad category of interest rate risk factor of Table 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">which currency pairs constitute the most liquid currency pairs sub-category of the broad category of foreign exchange risk factor of Table 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the definitions of small market capitalisation and large market capitalisation for the purposes of the equity price and volatility sub-category of the broad category of equity risk factor of Table 2.</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 March 2020.</p>
<p class="norm inline-element">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-7c379a61-1495-4845-8388-9286548d6f97">
<span class="italics">Table 2</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="9%"><col width="80%"><col width="10%"><col width="2%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Broad categories of risk factors</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Broad sub-categories of risk factors</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Liquidity horizons</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Length of the liquidity horizon (in days)</p>
</td>
</tr><tr><td rowspan="4" valign="top">
<p class="tbl-norm">Interest rate</p>
</td>
<td valign="top">
<p class="tbl-norm">Most liquid currencies and domestic currency</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">10</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Other currencies (excluding most liquid currencies)</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">20</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Volatility</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">60</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Other types</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">60</p>
</td>
</tr><tr><td rowspan="8" valign="top">
<p class="tbl-norm">Credit spread</p>
</td>
<td valign="top">
<p class="tbl-norm">Central government, including central banks, of Member States</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">20</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Covered bonds issued by credit institutions in Member States (Investment Grade)</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">20</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Sovereign (Investment grade)</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">20</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Sovereign (High yield)</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">40</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Corporate (Investment grade)</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">40</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Corporate (High yield)</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">60</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Volatility</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">120</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Other types</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">120</p>
</td>
</tr><tr><td rowspan="5" valign="top">
<p class="tbl-norm">Equity</p>
</td>
<td valign="top">
<p class="tbl-norm">Equity price (Large market capitalisation)</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">10</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Equity price (Small market capitalisation)</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">20</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Volatility (Large market capitalisation)</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">20</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Volatility (Small market capitalisation)</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">60</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Other types</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">60</p>
</td>
</tr><tr><td rowspan="4" valign="top">
<p class="tbl-norm">Foreign exchange</p>
</td>
<td valign="top">
<p class="tbl-norm">Most liquid currency pairs</p>
</td>
<td valign="top">
<p class="tbl-norm">1</p>
</td>
<td valign="top">
<p class="tbl-norm">10</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Other currency pairs (excluding most liquid currency pairs)</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">20</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Volatility</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">40</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Other types</p>
</td>
<td valign="top">
<p class="tbl-norm">3</p>
</td>
<td valign="top">
<p class="tbl-norm">40</p>
</td>
</tr><tr><td rowspan="7" valign="top">
<p class="tbl-norm">Commodity</p>
</td>
<td valign="top">
<p class="tbl-norm">Energy price and carbon emissions price</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">20</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Precious metal price and non-ferrous metal price</p>
</td>
<td valign="top">
<p class="tbl-norm">2</p>
</td>
<td valign="top">
<p class="tbl-norm">20</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Other commodity prices (excluding energy price, carbon emissions price, precious metal price and non-ferrous metal price)</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">60</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Energy volatility and carbon emissions volatility</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">60</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Precious metal volatility and non-ferrous metal volatility</p>
</td>
<td valign="top">
<p class="tbl-norm">4</p>
</td>
<td valign="top">
<p class="tbl-norm">60</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Other commodity volatilities (excluding energy volatility, carbon emissions volatility, precious metal volatility and non-ferrous metal volatility)</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">120</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Other types</p>
</td>
<td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">120</p>
</td>
</tr></tbody></table></div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325be -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall assess the modellability of all the risk factors of the positions assigned to the trading desks for which they have been granted permission as referred to in Article 325az(2) or are in the process of being granted such permission.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">As part of the assessment referred to in paragraph 1 of this Article, institutions shall calculate the own funds requirements for market risk in accordance with Article 325bk for those risk factors that are not modellable.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the criteria to assess the modellability of risk factors in accordance with paragraph 1 and to specify the frequency of that assessment.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 March 2020.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325bf -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">For the purposes of this Article, an ‘overshooting’ means a one-day change in the value of a portfolio composed of all the positions assigned to the trading desk that exceeds the related value-at-risk number calculated on the basis of the institution's alternative internal model in accordance with the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the calculation of the value at risk shall be subject to a one-day holding period;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">scenarios of future shocks shall apply to the risk factors of the trading desk's positions referred to in Article 325bg(3) and which are considered modellable in accordance with Article 325be;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">data inputs used to determine the scenarios of future shocks applied to the modellable risk factors shall be calibrated to historical data referred to in point (c) of Article 325bc(4);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">unless stated otherwise in this Article, the institution's alternative internal model shall be based on the same modelling assumptions as those used for the calculation of the expected shortfall risk measure referred to in point (a) of Article 325ba(1).</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall count daily overshootings on the basis of back-testing of the hypothetical and actual changes in the value of the portfolio composed of all the positions assigned to the trading desk.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">An institution's trading desk shall be deemed to meet the back-testing requirements where the number of overshootings for that trading desk that occurred over the most recent 250 business days does not exceed any of the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">12 overshootings for the value-at-risk number, calculated at a 99th percentile one tailed-confidence interval on the basis of back-testing of the hypothetical changes in the value of the portfolio;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">12 overshootings for the value-at-risk number, calculated at a 99th percentile one tailed-confidence interval on the basis of back-testing of the actual changes in the value of the portfolio;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">30 overshootings for the value-at-risk number, calculated at a 97,5th percentile one tailed-confidence interval on the basis of back-testing of the hypothetical changes in the value of the portfolio;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">30 overshootings for the value-at-risk number, calculated at a 97,5th percentile one tailed-confidence interval on the basis of back-testing of the actual changes in the value of the portfolio.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall count daily overshootings in accordance with the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the back-testing of hypothetical changes in the value of the portfolio shall be based on a comparison between the end-of-day value of the portfolio and, assuming unchanged positions, the value of the portfolio at the end of the subsequent day;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the back-testing of actual changes in the value of the portfolio shall be based on a comparison between the end-of-day value of the portfolio and its actual value at the end of the subsequent day, excluding fees and commissions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an overshooting shall be counted for each business day for which the institution is not able to assess the value of the portfolio or is not able to calculate the value-at-risk number referred to in paragraph 3.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">5. </span>
<div class="norm inline-element">An institution shall calculate, in accordance with paragraphs 6 and 7 of this Article, the multiplication factor (m<span class="subscript">c</span>) referred to in Article 325ba for the portfolio of all the positions assigned to the trading desks for which it has been granted permission to use alternative internal models as referred to in Article 325az(2).</div>
</div>
<div class="norm">
<span class="no-parag">6. </span>
<div class="norm inline-element">
<p class="norm inline-element">The multiplication factor (m<span class="subscript">c</span>) shall be the sum of the value of 1,5 and an add-on between 0 and 0,5 in accordance with Table 3. For the portfolio referred to in paragraph 5, that add-on shall be calculated on the basis of the number of overshootings that occurred over the most recent 250 business days as evidenced by the institution's back-testing of the value-at-risk number calculated in accordance with point (a) of this subparagraph. The calculation of the add-on shall be subject to the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an overshooting shall be a one-day change in the portfolio's value that exceeds the related value-at-risk number calculated by the institution's internal model in accordance with the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(i) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a one-day holding period;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(ii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a 99th percentile, one tailed confidence interval;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iii) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">scenarios of future shocks shall apply to the risk factors of the trading desks' positions referred to in Article 325bg(3) and which are considered modellable in accordance with Article 325be;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(iv) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the data inputs used to determine the scenarios of future shocks applied to the modellable risk factors shall be calibrated to historical data referred to in point (c) of Article 325bc(4);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(v) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">unless stated otherwise in this Article, the institution's internal model shall be based on the same modelling assumptions as those used for the calculation of the expected shortfall risk measure referred to in point (a) of Article 325ba(1);</p>
</div>
</div>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the number of overshootings shall be equal to the greater of the number of overshootings under hypothetical and the actual changes in the value of the portfolio.</p>
<p>
<br></p>
<div class="centered">
<p>
<br></p>
<p class="title-table" id="id-6568dbbc-9d06-464e-8a20-0db0e0ebff75">
<span class="italics">Table 3</span>
</p>
<table width="240" border="1" cellpadding="2" cellspacing="0" class="borderOj"><col width="67%"><col width="33%"><tbody><tr><td style="font-weight: bold" valign="top">
<p class="tbl-norm">Number of overshootings</p>
</td>
<td style="font-weight: bold" valign="top">
<p class="tbl-norm">Add-on</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">Fewer than 5</p>
</td>
<td valign="top">
<p class="tbl-norm">0,00</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">5</p>
</td>
<td valign="top">
<p class="tbl-norm">0,20</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">6</p>
</td>
<td valign="top">
<p class="tbl-norm">0,26</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">7</p>
</td>
<td valign="top">
<p class="tbl-norm">0,33</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">8</p>
</td>
<td valign="top">
<p class="tbl-norm">0,38</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">9</p>
</td>
<td valign="top">
<p class="tbl-norm">0,42</p>
</td>
</tr><tr><td valign="top">
<p class="tbl-norm">More than 9</p>
</td>
<td valign="top">
<p class="tbl-norm">0,50</p>
</td>
</tr></tbody></table></div>
</div>
</div>
</div>
</div>
<p class="norm">In extraordinary circumstances, competent authorities may limit the add-on to that resulting from overshootings under back-testing hypothetical changes where the number of overshootings under back-testing actual changes does not result from deficiencies in the internal model.</p>
<div class="norm">
<span class="no-parag">7. </span>
<div class="norm inline-element">Competent authorities shall monitor the appropriateness of the multiplication factor referred to in paragraph 5 and the compliance of trading desks with the back-testing requirements referred to in paragraph 3. Institutions shall promptly notify, the competent authorities of overshootings that result from their back-testing programme and provide an explanation for those overshootings, and in any case shall notify the competent authorities thereof no later than within five business days after the occurrence of an overshooting.</div>
</div>
<div class="norm">
<span class="no-parag">8. </span>
<div class="norm inline-element">By way of derogation from paragraphs 2 and 6 of this Article, competent authorities may permit an institution not to count an overshooting where a one-day change in the value of its portfolio that exceeds the related value-at-risk number calculated by that institution's internal model is attributable to a non-modellable risk factor. To do so, the institution shall demonstrate to its competent authority that the stress scenario risk measure calculated in accordance with Article 325bk for that non-modellable risk factor is higher than the positive difference between the change in the value of the institution's portfolio and the related value-at-risk number.</div>
</div>
<div class="norm">
<span class="no-parag">9. </span>
<div class="norm inline-element">EBA shall develop draft regulatory technical standards to specify the technical elements to be included in the actual and hypothetical changes to the value of the portfolio of an institution for the purposes of this Article.</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 March 2020.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325bg -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">An institution's trading desk meets the P&L attribution requirements where that trading desk complies with the requirements set out in this Article.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">The P&L attribution requirement shall ensure that the theoretical changes in the value of a trading desk's portfolio, based on the institution's risk-measurement model, are sufficiently close to the hypothetical changes in the value of the trading desk's portfolio, based on the institution's pricing model.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">For each position of a given trading desk, an institution's compliance with the P&L attribution requirement shall lead to the identification of a precise list of risk factors that are deemed appropriate for verifying the institution's compliance with the back-testing requirement set out in Article 325bf.</div>
</div>
<div class="norm">
<span class="no-parag">4. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the criteria necessary to ensure that the theoretical changes in the value of a trading desk's portfolio is sufficiently close to the hypothetical changes in the value of a trading desk's portfolio for the purposes of paragraph 2, taking into account international regulatory developments;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the consequences for an institution where the theoretical changes in the value of a trading desk's portfolio are not sufficiently close to the hypothetical changes in the value of a trading desk's portfolio for the purposes of paragraph 2;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the frequency at which the P&L attribution is to be performed by an institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the technical elements to be included in the theoretical and hypothetical changes in the value of a trading desk's portfolio for the purposes of this Article;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the manner in which institutions that use the internal model are to aggregate the total own funds requirement for market risk for all their trading book positions and non-trading book positions that are subject to foreign exchange risk or commodity risk, taking into account the consequences referred to in point (b).</p>
</div>
</div>
</div>
</div>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 March 2020.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325bh -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions using an internal risk-measurement model that is used to calculate the own funds requirements for market risk as referred to in Article 325ba shall ensure that that model meets all the following requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the internal risk-measurement model shall capture a sufficient number of risk factors, which shall include at least the risk factors referred to in Subsection 1 of Section 3 of Chapter 1a unless the institution demonstrates to the competent authorities that the omission of those risk factors does not have a material impact on the results of the P&L attribution requirement referred to in Article 325bg; an institution shall be able to explain to the competent authorities why it has incorporated a risk factor in its pricing model but not in its internal risk-measurement model;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the internal risk-measurement model shall capture nonlinearities for options and other products as well as correlation risk and basis risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the internal risk-measurement model shall incorporate a set of risk factors that correspond to the interest rates in each currency in which the institution has interest rate sensitive on- or off-balance-sheet positions; the institution shall model the yield curves using one of the generally accepted approaches; the yield curve shall be divided into various maturity segments to capture the variations of volatility of rates along the yield curve; for material exposures to interest-rate risk in the major currencies and markets, the yield curve shall be modelled using a minimum of six maturity segments, and the number of risk factors used to model the yield curve shall be proportionate to the nature and complexity of the institution's trading strategies, the model shall also capture the risk spread of less than perfectly correlated movements between different yield curves or different financial instruments on the same underlying issuer;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the internal risk-measurement model shall incorporate risk factors corresponding to gold and to the individual foreign currencies in which the institution's positions are denominated; for CIUs, the actual foreign exchange positions of the CIU shall be taken into account; institutions may rely on third-party reporting of the foreign exchange position of the CIU, provided that the correctness of that report is adequately ensured; foreign exchange positions of a CIU of which an institution is not aware of shall be carved out from the internal models approach and treated in accordance with Chapter 1a;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the sophistication of the modelling technique shall be proportionate to the materiality of the institutions' activities in the equity markets; the internal risk-measurement model shall use a separate risk factor at least for each of the equity markets in which the institution holds significant positions and at least one risk factor that captures systemic movements in equity prices and the dependency of that risk factor on the individual risk factors for each equity market;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the internal risk-measurement model shall use a separate risk factor at least for each commodity in which the institution holds significant positions, unless the institution has a small aggregate commodity position compared to all its trading activities, in which case it may use a separate risk factor for each broad commodity type; for material exposures to commodity markets, the model shall capture the risk of less than perfectly correlated movements between commodities that are similar, but not identical, the exposure to changes in forward prices arising from maturity mismatches, and the convenience yield between derivative and cash positions;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the proxies used shall show a good track record for the actual position held, shall be appropriately conservative, and shall be used only where the available data are insufficient, such as during the period of stress referred to in point (c) of Article 325bc(2);</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">for material exposures to volatility risks in instruments with optionality, the internal risk-measurement model shall capture the dependency of implied volatilities across strike prices and options' maturities.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions may use empirical correlations within broad categories of risk factors and, for the purpose of calculating the unconstrained expected shortfall measure UES<span class="subscript">t</span> as referred to in Article 325bb(1), across broad categories of risk factors only where the institution's approach for measuring those correlations is sound, consistent with the applicable liquidity horizons, and implemented with integrity.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">By 28 September 2020, EBA shall issue guidelines, in accordance with Article 16 of Regulation (EU) No 1093/2010, specifying criteria for the use of data inputs in the risk-measurement model referred to in Article 325bc.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325bi -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">
<p class="norm inline-element">Any internal risk-measurement model used for the purposes of this Chapter shall be conceptually sound, shall be calculated and implemented with integrity, and shall comply with all the following qualitative requirements:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any internal risk-measurement model used to calculate capital requirements for market risk shall be closely integrated into the daily risk management process of the institution and shall serve as the basis for reporting risk exposures to senior management;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">an institution shall have a risk control unit that is independent from business trading units and that reports directly to senior management; that unit shall be responsible for designing and implementing any internal risk-measurement model; that unit shall conduct the initial and on-going validation of any internal model used for the purposes of this Chapter and shall be responsible for the overall risk management system; that unit shall produce and analyse daily reports on the output of any internal model used to calculate capital requirements for market risk, as well as reports on the appropriateness of measures to be taken in terms of trading limits;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the management body and senior management shall be actively involved in the risk-control process, and the daily reports produced by the risk control unit shall be reviewed at a level of management with sufficient authority to require the reduction of positions taken by individual traders and to require the reduction of the institution's overall risk exposure;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall have a sufficient number of staff with a level of skills that is appropriate to the sophistication of the internal risk-measurement models, and a sufficient number of staff with skills in the trading, risk control, audit and back-office areas;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall have in place a documented set of internal policies, procedures and controls for monitoring and ensuring compliance with the overall operation of its internal risk-measurement models;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">any internal risk-measurement model, including any pricing model, shall have a proven track record of being reasonably accurate in measuring risks, and shall not differ significantly from the models that the institution uses for its internal risk management;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall frequently conduct rigorous programmes of stress testing, including reverse stress tests, which shall encompass any internal risk-measurement model; the results of those stress tests shall be reviewed by senior management at least on a monthly basis and shall comply with the policies and limits approved by the management body; the institution shall take appropriate actions where the results of those stress tests show excessive losses arising from the trading's business of the institution under certain circumstances;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the institution shall conduct an independent review of its internal risk-measurement models, either as part of its regular internal auditing process, or by mandating a third-party undertaking to conduct that review, which shall be conducted to the satisfaction of the competent authorities.</p>
</div>
</div>
</div>
</div>
<p class="norm">For the purposes of point (h) of the first subparagraph, a third-party undertaking means an undertaking that provides auditing or consulting services to institutions and that has staff who have sufficient skills in the area of market risk in trading activities.</p>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">The review referred to in point (h) of paragraph 1 shall include both the activities of the business trading units and the independent risk control unit. The institution shall conduct a review of its overall risk management process at least once a year. That review shall assess the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the adequacy of the documentation of the risk management system and process and the organisation of the risk control unit;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the integration of risk measures into daily risk management and the integrity of the management information system;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the processes the institution employs for approving the risk-pricing models and valuation systems that are used by front and back-office personnel;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the scope of risks captured by the model, the accuracy and appropriateness of the risk-measurement system, and the validation of any significant changes to the internal risk-measurement model;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(e) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the accuracy and completeness of position data, the accuracy and appropriateness of volatility and correlation assumptions, the accuracy of valuation and risk sensitivity calculations, and the accuracy and appropriateness for generating data proxies where the available data are insufficient to meet the requirement set out in this Chapter;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(f) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the verification process that the institution employs to evaluate the consistency, timeliness and reliability of the data sources used to run any of its internal risk-measurement models, including the independence of those data sources;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(g) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the verification process that the institution employs to evaluate back-testing requirements and P&L attribution requirements that are conducted in order to assess the accuracy of its internal risk-measurement models;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(h) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">where the review is performed by a third-party undertaking in accordance with point (h) of paragraph 1 of this Article, the verification that the internal validation process set out in Article 325bj fulfils its objectives.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">Institutions shall update the techniques and practices they use for any of the internal risk-measurement models used for the purposes of this Chapter to take into account the evolution of new techniques and best practices that develop in respect of those internal risk-measurement models.</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325bj -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">Institutions shall have processes in place to ensure that any internal risk-measurement models used for the purposes of this Chapter have been adequately validated by suitably qualified parties that are independent of the development process, in order to ensure that any such models are conceptually sound and adequately capture all material risks.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">
<p class="norm inline-element">Institutions shall conduct the validation referred to in paragraph 1 in the following circumstances:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">when any internal risk-measurement model is initially developed and when any significant changes are made to that model;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">on a periodic basis, and where there have been significant structural changes in the market or changes to the composition of the portfolio which might lead to the internal risk-measurement model no longer being adequate.</p>
</div>
</div>
</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">The validation of the internal risk-measurement models of an institution shall not be limited to back-testing and P&L attribution requirements, but shall, at a minimum, include the following:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">tests to verify whether the assumptions made in the internal model are appropriate and do not underestimate or overestimate the risk;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">own internal model validation tests, including back-testing in addition to the regulatory back-testing programmes, in relation to the risks and structures of their portfolios;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the use of hypothetical portfolios to ensure that the internal risk-measurement model is able to account for particular structural features that may arise, for example, material basis risks and concentration risk, or the risks associated with the use of proxies.</p>
</div>
</div>
</div>
</div>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>
</a>) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).</p><p class="footnote">(<a href="#src.E0015" id="E0015">
<span class="superscript">15</span>
</a>) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).</p><p class="footnote">(<a href="#src.E0016" id="E0016">
<span class="superscript">16</span>
</a>) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).</p><p class="footnote">(<a href="#src.E0017" id="E0017">
<span class="superscript">17</span>
</a>) OJ L 331, 15.12.2010, p. 48.</p><p class="footnote">(<a href="#src.E0018" id="E0018">
<span class="superscript">18</span>
</a>) OJ L 331, 15.12.2010, p. 84.</p><p class="footnote">(<a href="#src.E0019" id="E0019">
<span class="superscript">19</span>
</a>) Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).</p><p class="footnote">(<a href="#src.E0020" id="E0020">
<span class="superscript">20</span>
</a>) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).</p><p class="footnote">(<a href="#src.E0022" id="E0022">
<span class="superscript">21</span>
</a>) OJ L 250, 2.10.2003, p. 10.</p><p class="footnote">
<span>
<a href="https://eur-lex.europa.eu/legal-content/EN/AUTO/?uri=celex:32019R2160" onclick="window.open(this.href,'_blank'); return false;" title="32019R2160: REPLACED">
<span class="boldface">►M10</span>
</a>
</span> (<a href="#src.E0023" id="E0023">
<span class="superscript">22</span>
</a>) Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29).<span class="boldface"> ◄ </span>
</p><p class="footnote">(<a href="#src.E0024" id="E0024">
<span class="superscript">23</span>
</a>) OJ L 135, 31.5.1994, p. 5.</p><p class="footnote">(<a href="#src.E0025" id="E0025">
<span class="superscript">24</span>
</a>) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).</p><p class="footnote">(<a href="#src.E0026" id="E0026">
<span class="superscript">25</span>
</a>) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).</p><p class="footnote">(<a href="#src.E0027" id="E0027">
<span class="superscript">26</span>
</a>) Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).</p><p class="footnote">(<a href="#src.E0028" id="E0028">
<span class="superscript">27</span>
</a>) OJ L 3, 7.1.2004, p. 36.</p><p class="footnote">(<a href="#src.E0029" id="E0029">
<span class="superscript">28</span>
</a>) Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).</p><p class="footnote">(<a href="#src.E0030" id="E0030">
<span class="superscript">29</span>
</a>) Commission Regulation (EU) No 1205/2011 of 22 November 2011 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard (IFRS) 7 (OJ L 305, 23.11.2011, p. 16).</p><p class="footnote">(<a href="#src.E0031" id="E0031">
<span class="superscript">30</span>
</a>) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).</p><p class="footnote">(<a href="#src.E0032" id="E0032">
<span class="superscript">31</span>
</a>) Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).</p><p class="footnote">(<a href="#src.E0033" id="E0033">
<span class="superscript">*1</span>
</a>) OJ L 176, 27.6.2013, p. 1.’;</p></div></div>
Article 325bk -
<div class="norm">
<span class="no-parag">1. </span>
<div class="norm inline-element">The ‘stress scenario risk measure’ of a given non-modellable risk factor means the loss that is incurred in all trading book positions or non-trading book positions that are subject to foreign exchange or commodity risk of the portfolio which includes that non-modellable risk factor when an extreme scenario of future shock is applied to that risk factor.</div>
</div>
<div class="norm">
<span class="no-parag">2. </span>
<div class="norm inline-element">Institutions shall develop appropriate extreme scenarios of future shock for all non-modellable risk factors, to the satisfaction of their competent authorities.</div>
</div>
<div class="norm">
<span class="no-parag">3. </span>
<div class="norm inline-element">
<p class="norm inline-element">EBA shall develop draft regulatory technical standards to specify:</p>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(a) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">how institutions are to develop extreme scenarios of future shock applicable to non-modellable risk factors and how they are to apply those extreme scenarios of future shock to those risk factors;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(b) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">a regulatory extreme scenario of future shock for each broad sub-category of risk factors listed in Table 2 of Article 325bd, which institutions may use when they are unable to develop an extreme scenario of future shock in accordance with point (a) of this subparagraph, or which competent authorities may require that institution apply if those authorities are not satisfied with the extreme scenario of future shock developed by the institution;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(c) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">the circumstances under which institutions may calculate a stress scenario risk measure for more than one non-modellable risk factor;</p>
</div>
</div>
<div class="grid-container grid-list">
<div class="list grid-list-column-1">
<span>(d) </span>
</div>
<div class="grid-list-column-2">
<p class="norm">how institutions are to aggregate the stress scenario risk measures of all non-modellable risk factors included in their trading book positions and non-trading book positions that are subject to foreign exchange risk or commodity risk.</p>
</div>
</div>
</div>
</div>
<p class="norm">In developing those draft regulatory technical standards, EBA shall take into consideration the requirement that the level of own funds requirements for market risk of a non-modellable risk factor as set out in this Article shall be as high as the level of own funds requirements for market risk that would have been calculated under this Chapter if that risk factor were modellable.</p>
<p class="norm">EBA shall submit those draft regulatory technical standards to the Commission by 28 September 2020.</p>
<p class="norm">Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.</p>
<p>
<br><br></p>
<div id="footnotes"><div class="text-center"><a role="button" data-toggle="collapse" href="#collapse-footnotes" aria-expanded="false" aria-controls="collapse-footnotes" class="footnote-button collapsed">Foot notes</a></div><div class="collapse" id="collapse-footnotes"><p class="footnote">(<a href="#src.E0001" id="E0001">
<span class="superscript">1</span>
</a>) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).</p><p class="footnote">(<a href="#src.E0002" id="E0002">
<span class="superscript">2</span>
</a>) Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).</p><p class="footnote">(<a href="#src.E0003" id="E0003">
<span class="superscript">3</span>
</a>) Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).</p><p class="footnote">(<a href="#src.E0004" id="E0004">
<span class="superscript">4</span>
</a>) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).</p><p class="footnote">(<a href="#src.E0005" id="E0005">
<span class="superscript">5</span>
</a>) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 5.12.2019, p. 64).</p><p class="footnote">(<a href="#src.E0006" id="E0006">
<span class="superscript">6</span>
</a>) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).</p><p class="footnote">(<a href="#src.E0007" id="E0007">
<span class="superscript">7</span>
</a>) OJ L 335, 17.12.2009, p. 1.</p><p class="footnote">(<a href="#src.E0008" id="E0008">
<span class="superscript">8</span>
</a>) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).</p><p class="footnote">(<a href="#src.E0009" id="E0009">
<span class="superscript">9</span>
</a>) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).</p><p class="footnote">(<a href="#src.E0010" id="E0010">
<span class="superscript">10</span>
</a>) Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (OJ L 347, 28.12.2017, p. 35).</p><p class="footnote">(<a href="#src.E0011" id="E0011">
<span class="superscript">11</span>
</a>) Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).</p><p class="footnote">(<a href="#src.E0012" id="E0012">
<span class="superscript">12</span>
</a>) OJ L 222, 14.8.1978, p. 11.</p><p class="footnote">(<a href="#src.E0013" id="E0013">
<span class="superscript">13</span>
</a>) OJ L 302, 17.11.2009, p. 1.</p><p class="footnote">(<a href="#src.E0014" id="E0014">
<span class="superscript">14</span>